After the first fines imposed on ICAP in 2015 were declared invalid by the court in 2019, the European Commission (EC) decided on 28 May 2021 to impose fines on ICAP once again.[1] The new decision corrected the procedural error and included a detailed reasoning on the fine calculation. ICAP is now required to pay a fine totalling nearly €6.5 million.

[1] European Commission decision of 28 May 2021, Case COMP/AT.39861 (Yen Interest Rate Derivatives).