The UK broker ICAP has been fined $87m (£54m) for its part in the long-running Libor rate fixing scandal.

According to BBC report, three of its traders were charged with wire fraud in a federal New York court.

They each face a maximum penalty of 30 years in prison for each count if convicted.

The Libor rate is used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world.

Regulators have been investigating Libor manipulation since 2012 in the wake of Barclays' £290m ($454m) fine by US and UK authorities. A string of international banks have been implicated in the affair, and several criminal charges have been brought against traders.

In a statement, Michael Spencer, group chief executive officer at ICAP said: "We deeply regret and strongly condemn the inexcusable actions of the brokers who sought to assist certain bank traders in their efforts to manipulate YEN Libor. Their conduct contravenes all that ICAP stands for."

Mr Spencer added that none of the three individuals remain with the firm, and others who may have been involved are no longer at the company.