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 electronic."
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.
(2 votes)
on Fri, 10/23/2009 - 11:12
#108274
Nic Lenoir's commentary just lost a little luster.
on Fri, 10/23/2009 - 11:16
#108279
Good Luck ICAP. I'm surprised anyone pays attention to the Wells process. Its not clear whether the SEC actually follows the procedure. In a technical sense, the Wells process was never formally adopted by the Commission. Therefore, strict adherence to Wells is not a necessary step in the investigative/legal process. I would be interested to know how many Wells responses actually led to a dismissal of Enforcement action. My bet is that its something approaching "zero."
on Fri, 10/23/2009 - 11:26
#108288
... yet is appears that Goldman's feces still do not possess that abhorrent olfactory quality.
Go figure.
on Fri, 10/23/2009 - 11:27
#108290
ooooooops. Too many give ups in the CDS mkt? Maybe, a bulge bracket firm is getting preferential treatment?
on Fri, 10/23/2009 - 12:03
#108347
To TD:any validity to what Denninger just put up on his sight?may be there is something from your end. (in general,you usually have proof). Well,I can't imagine that what he is saying is just imaginery with all the tbs auctions coming up,decline of tax revenue at the state and federal level,and the market rally and constant equity offering that has drained probably a lot of liquidity from the fed various omo.
on Fri, 10/23/2009 - 13:38
#108473
Only when I see a "Wells" notice slapped on GS and select friends will I begin to even consider the thought that the SEC is doing its job.
Not before.
on Sat, 10/24/2009 - 07:41
#109311
Fixed income trading is a license to steal--this is a suprise?
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