ICAP Corporates LLC (ICAP), a unit of ICAP Plc, one of the largest brokers of inter-bank transactions, has settled with the Financial Industry Regulatory Authority (FINRA) over allegations that a former broker improperly influenced fees on credit-default swaps (CDS).  Specifically, FINRA accused a former broker and manager of the ICAP CDS desk, Jennifer Joan James, of “improper communications” with competing firms about customers’ proposed brokerage rate reductions in the wholesale credit default swap market.  We detail FINRA’s allegations and the specifics of the settlement.