A PYMNTS Company

UK: FCA fines, bans ex-RBS Libor trader

By  |  January 8, 2018
UK: FCA fines, bans ex-RBS Libor trader

Britain’s financial watchdog fined ex-Royal Bank of Scotland trader Neil Danziger £250,000 pounds (US$338,000) on Monday and barred him from working in financial services.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The Financial Conduct Authority (FCA) said in a statement it had found that between 2007 and 2010 Danziger, who traded products referenced to the Japanese Yen variant of Libor (London Interbank Offered Rate), was knowingly involved in the bank’s manipulation of the benchmark rate.

    Danziger disputes the FCA’s findings and feels he is being “scapegoated for the systemic problems related to Libor”, his lawyer, Ben Rose, a partner at law firm Hickman and Rose, said.

    Danziger was dismissed over Libor-rigging at the end of 2011, after nine years with RBS, which was fined £390 million (US$528.9 million) by UK and US authorities for its part in the global scandal that engulfed some of the world’s biggest banks.

    “Mr Danziger’s reckless disregard of these standards (of market conduct) has no place in the financial services industry,” Mark Steward, executive director of enforcement and market oversight at the FCA, said.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.