Libor Fixing: SFO Charges Icap Brokers Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman
Libor Fixing: SFO Charges Icap Brokers Danny Martin Wilkinson, Darrell Paul Read and Colin John GoodmanReuters

The Serious Fraud Office has charged three former Icap brokers - Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman - in connection with Libor manipulation between 8 August 2006 and 7 September 2010. 

The SFO confirmed that first appearance and charges will be read out at Westminster Magistrates' Court on 15 April this year. The SFO's charges relate to yen Libor only.

The SFO added that this brings the total number of people facing charges for rate-rigging to nine.

In September 2014, the US Commodity Futures Trading Commission and Britain's Financial Conduct Authority fined Icap, the world's largest interdealer brokerage, for its role in the manipulation of the interbank lending rate.

The US and UK financial watchdogs said Icap will pay £14m (€16.6m, $22.5m) to the FCA and £41m to the CFTC after a significant number of brokers, including two managers, attempted to rig Libor rates between October 2006 and November 2010.

"The misconduct in relation to Libor has cast a shadow over the financial services industry," said Tracey McDermott, director of enforcement and financial crime at the FCA.

"The findings we publish today illustrate, once again, individuals within the industry acting with a cavalier disregard both for regulatory obligations and the interests of the markets.

"Icap's significant failings in culture and controls allowed that misconduct to flourish and fell far short of our expectations."

Libor valuations directly influence the value of trillions of dollars of financial deals between banks and other institutions.

The benchmark reference rates are used in euro, US dollar and British sterling over-the-counter (OTC) interest rate derivatives contracts and exchange-traded interest rate contracts.