Three charged over 'Libor fixing'

Three former employees of City broker ICAP have been charged in relation to the alleged manipulation of Libor benchmark interest rates.

Three men will appear at Westminster Magistrates Court over alleged Libor fixing
Three men will appear at Westminster Magistrates Court over alleged Libor fixing

The men were named by the Serious Fraud Office (SFO) as Danny Wilkinson, Darrell Read and Colin Goodman.

They are accused of conspiracy to defraud between August 8 2006 and September 7 2010, with the first appearance and charges to be read out at London's Westminster Magistrates' Court on April 15.

The SFO said nine people now face charges in relation to alleged Libor fixing in the UK, adding the investigation remains ongoing.

The three ex-ICAP brokers were also charged over allegations of Libor rigging by the US Department of Justice last year .

London-based ICAP, which is run by former Conservative Party treasurer Michael Spencer, was fined £53 million by US and UK regulators last September, including a £14 million penalty from Britain's Financial Conduct Authority (FCA).

The SFO announced in July 2012 that it was investigating allegations of Libor-fixing.

It said it was continuing to work with the FCA and the US Department of Justice.

Banks have been fined billions of pounds in settlements relating to fixing of benchmark rates.

These are used for hundreds of trillions of dollars-worth of loans and transactions around the world and are calculated using submissions from panels of banks about the rates at which they believe they can borrow every day.

The SFO confirmed the charges against the former ICAP brokers were in relation to alleged manipulation of Yen Libor - the Japanese yen version of the benchmark interest rate.