Icap dives on fresh Libor allegations | London Evening Standard

Icap dives on fresh Libor allegations p51 CITY BOSS MICHAEL SPENCER. Icap founder Michael Spencer tells today of his huge losses on the stock market. PIC CAVAN PAWSON.CAVAN PAWSON/ES

Shares in broker Icap fell by more than 5% today after a report in the Financial Times said that it was one of the main focuses of regulators investigating Libor-rigging.

Although it was widely known and reported by the firm that it was under investigation over Libor, a leaked internal memo from the Financial Services Authority appeared to say that seven out of the 50 Libor investigators were focused on Icap. But broker Bank of America Merrill Lynch’s analyst Philip Middleton said he did not feel the article added substantively to the situation.

He added: “We think it is important to remember that Icap neither took any formal part in the Libor setting process nor had any principal exposure to Libor.”

Icap, led by Michael Spencer, said today it was “required to keep details of investigations by regulators confidential”.

The shares today fell back 17p to 310.2p.