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LONDON, June 10 (Reuters) - ICAP, the world’s largest brokerage, on Tuesday denied that it had violated European competition law in relation to an investigation into benchmark interest rate rigging and vowed to defend itself.
“ICAP does not believe that it has breached any applicable EU competition law, and will defend itself against these allegations vigorously,” it said in a statement.
The company, which has been under investigation for possible anti-competitive behaviour related to yen Libor (London interbank offered rate), was responding after receiving a statement of objections from the European Commission.
ICAP last September paid a $87 million fine to U.S. and UK regulators to settle claims its brokers manipulated yen Libor.
Reporting by Kirstin Ridley, editing by Steve Slater