ICAP complains about EU antitrust investigation to European Ombudsman

Foo Yun Chee BRUSSELS (Reuters) – ICAP, the world’s largest interdealer broker, has filed a complaint with the European Ombudsman about European Union regulatory bias in an investigation into the manipulation of financial benchmarks last year, following in the footsteps of Credit Agricole. In June, the European Commission accused ICAP of fixing yen interest rate derivatives as part of a cartel involving UBS, Deutsche Bank, RBS, JPMorgan, Citigroup and broker RP Martin. Unlike that group of banks and brokers, which admitted wrongdoing in exchange for a reduced fine, ICAP has rejected the EU accusations. The broker filed its objection on Oct. 8, Ombudsman Ben Hagard said, declining to provide details. “We will look at whether there are sufficient grounds to open an investigation. Depending on the complexity of the case, we usually make a decision within one month,” he said. The EU agency investigates complaints of maladministration in European Union institutions. ICAP declined to comment. The broker’s complaint is similar to one filed by French bank Credit Agricole in July, a person familiar with the matter said. The French bank accused the EU’s competition watchdog of making unfair comments suggesting wrongdoing during an investigation into the euro interest rate benchmark. (Additional reporting by Clare Hutchison in London. Editing by Jane Merriman)