ICAP Gets Wells Notice, SEC To Bring Enforcement Actions Against World's Largest Interdealer Broker
Some bad news for ICAP today. As a reminder: "ICAP is the world’s premier voice and electronic interdealer broker and
provider of post-trade services. The Group is active in the wholesale
markets in interest rates, credit, commodities, FX, emerging markets,
equities and equity derivatives. ICAP has an average daily transaction
volume in excess of $2.3 trillion, more than 40% of which is
ICAP plc announcement
On 22 October, 2009, the New York Regional Office Staff of the U.S. Securities and Exchange Commission (SEC) provided ICAP Securities USA LLC (ICAP), a subsidiary of ICAP plc, with a "Wells" notice stating that the Staff intends to recommend that the Commission bring enforcement actions for possible violations of the federal securities laws. The notice relates to an existing SEC investigation into the market in certain fixed income securities which has been ongoing since 2005. The Wells notice is not a formal allegation nor a finding of wrongdoing. The company has discussed these matters with the SEC, has substantial disagreements with the SEC regarding how they should properly be viewed, and will vigorously put forth its position if and when any such charges are brought. Further statements will be made as appropriate.