Britain’s Financial Conduct Authority has fined ex-Deutsche Bank trader Guillaume Adolph £180,000 (US$249,000) for “improperly influencing” quotes used for the Libor interest rate benchmark and banned him from working in finance reported Bloomberg.
Adolph is the latest in a string of traders who have been fined, banned or sent to prison because of their role in the conspiracy to manipulate the London interbank offered rate, a key benchmark used to value trillions of dollars of securities. Authorities around the world have fined roughly a dozen banks and brokerages about US$9 billion since they started investigating the behavior a decade ago.
“Adolph improperly influenced several of Deutsche’s Libor submissions in disregard of standards governing Libor submissions,” said Mark Steward, director of enforcement at the FCA. “Adolph’s misconduct threatened the integrity of important benchmarks.”
Full Content: Bloomberg