For over 5 years, starting in 2007, interdealer broker ICAP, headed up by City honcho Michael Spencer, colluded with its banking clients to manipulate key rates set daily in this $300 billion market. The firm was sold to broking rival Tullett Prebon (at one time headed up by larger-than-life fund manager Terry Smith) in 2016, and eventually became part of Intercontinental Exchange (which owns Nex). The Financial Times reports that among banks paying penalties for influencing Isdafix rates are Barclays, Citigroup, Goldman Sachs and RBS.
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