The Securities and Exchange Commission (SEC) today charged the U.S. subsidiary of U.K.-based ICAP with fraud for engaging in deceptive broking activity and making material misrepresentations to clients about its trading activities.

As an inter-dealer broker, ICAP Securities USA (ICAP) matches buyers and sellers in over-the-counter markets for different types of securities, such as U.S. Treasurys and MBS, by posting trade information on computer screens accessed by its clients who make trading decisions based partly on such information, explained a released on the SEC Web site posted today.

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