A PYMNTS Company

US: Two ex-Bank traders charged in rate-rigging scheme

By  |  June 5, 2016

The Justice Department announced criminal charges on Thursday against two former Deutsche Bank traders accused of manipulating interest rates, the latest Wall Street employees to be ensnared in the government’s wide-ranging crackdown.

    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 former traders, Matthew Connolly and Gavin Campbell Black, were indicted on charges that they manipulated the London interbank offered rate, or Libor, a benchmark rate that underpins trillions of dollars in mortgages, student loans and other debt.

    Mr. Connolly, who was taken into custody on Thursday, is the first American citizen to be charged in the Libor case.

    Before leaving Deutsche Bank — Germany’s largest financial institution — both defendants were senior traders there. Mr. Connolly was the director of a trading desk in New York that worked with financial products based on Libor, while Mr. Black was a director on a Deutsche Bank trading desk in London.

    Full Content: NY Times

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