Michael Spencer News
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The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try.
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ICAP Plc, the world’s largest broker of transactions between banks, cut Chief Executive Officer Michael Spencer’s annual bonus by 29 percent as profit fell.
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Commodity Futures Trading Commission investigators are poring over 1 million e-mails and instant messages as part of their price-manipulation probe of a swaps benchmark that helps determine interest rates on everything from annuities to bonds linked to skyscrapers.
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ICAP Plc Chief Executive Officer Michael Spencer said an internal probe into allegations brokers manipulated ISDAFix, the benchmark for the $379 trillion swaps market, found no evidence of wrongdoing.
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The U.S. Supreme Court bolstered the authority of federal administrative agencies, upholding Federal Communications Commission deadlines for local zoning authorities considering applications for new wireless facilities.
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ICAP Plc, the world’s largest broker of transactions between banks, said fiscal first-quarter sales fell 9 percent as Europe’s sovereign debt crisis hurt trading.
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ICAP Plc Chief Executive Officer Michael Spencer comments on efforts to curb the euro debt crisis and Greece. Spencer spoke in an interview at ICAP during a charity fund-raising event in his London offices.
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ICAP Plc , the world’s largest broker of transactions between banks, said full-year pretax profit fell 5 percent as markets stabilized and volatility declined.
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A decision by Greece to leave the euro would be an “almighty relief” and should be followed by several other countries, ICAP Plc Chief Executive Officer Michael Spencer said.
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Interdealer brokers, the middlemen who line up buyers and sellers of securities for banks, are emerging as key enablers in the Libor scandal after three firms paid a total of $2.6 billion for rigging global interest rates.
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