Icap hires external lawyers over NY fraud allegations

The admission came in Icap’s interim financial results, which were published last Tuesday.

"The group is co-operating fully with the government’s investigation of these staff. As far as we can determine, we do not believe Icap itself has suffered any direct financial loss," the firm said.

There was some positive news for Icap’s foreign exchange group, however. Currency options turnover rose by 42% compared with the previous six months, while overall business in FX derivatives was "buoyant",

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