Sources familiar with the matter were quoted by the Wall Street Journal as saying that the settlement is likely to be announced soon, involving the US Commodity Futures Trading Commission and the UK Financial Conduct Authority (FCA).
The sources told the news agency that the US Justice Department is still investigating the ICAP role in the rate rigging scandal and will not participate in the settlement process.
The global financial watchdogs claimed that some brokers at ICAP exploited this intermediary role, and assisted a small group of bank traders to alter interest rates into a world-wide scheme that successfully fixed benchmarks.
Subsequently, the traders provided the brokers with the business to strengthen their commissions and other financial rewards, the regulators said.
The expected settlement with ICAP is comparatively of low value, than those with Barclays, UBS, Royal Bank of Scotland Group, who paid approximately $2.5bn in settlements.
In a statement released in June 2013, ICAP spokeswoman said that "neither the company nor its senior management was aware of any corrupt payment from any source at any time."
