ICAP Brokers on ‘Treasure Island’ Said to Reap ISDAfix Rewards

Mark Williams, School of Management

ICAP Plc’s (IAP) U.S. interest-rate swap desk, which regulators are investigating as part of a price- manipulation probe, paid its brokers as much as $7 million a year at the market’s peak, earning the group the nickname “Treasure Island,” said two people familiar with the matter…

Expert quote:

“Brokers who can work in markets that aren’t transparent continue to enjoy oversized profitability.”

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