A former trader has become the first to be banned by the UK's City watchdog for manipulating the rate that banks lend to each other.
Briton Paul Robson, who worked at the London office of the Dutch-based lender Rabobank, has been barred by the Financial Conduct Authority (FCA) for lacking honesty and integrity in rigging Libor - the London inter-bank offered rate.
The move comes after Robson was convicted of fraud in the US.
He pleaded guilty last year over his role in a conspiracy to manipulate Rabobank's Yen Libor submissions to benefit trading positions.
The ban is the FCA's first public action against a trader for manipulating Libor.
The interest rate is one of the most important in finance, being a benchmark against which around $450trn (£304trn) of financial products from mortgages to credit card loans are based worldwide.
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: "No excuse can be made for Mr Robson's behaviour, which was particularly serious.
"He was the primary submitter of Yen Libor at Rabobank for a number of years and experienced in the market.
"He knew what he was doing was wrong.
"This ban reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards."
Robson, who was issued a warning notice by the FCA on 28 November, 2013, is due to be sentenced in the US in 2017.
The FCA action follows recent fines and bans for two former senior executives of Martin Brokers for Libor compliance failures.
To date the FCA has imposed seven fines totalling £426m on firms for misconduct relating to Libor.
It has also issued 14 warning notices to individuals for misconduct relating to interest rate benchmarks.
The potential for the manipulation of Libor was revealed in the wake of the financial crisis.
Anda sedang membaca artikel tentang
First Trader Banned In UK Over Libor Rigging
Dengan url
http://cembururabun.blogspot.com/2015/03/first-trader-banned-in-uk-over-libor.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
First Trader Banned In UK Over Libor Rigging
namun jangan lupa untuk meletakkan link
First Trader Banned In UK Over Libor Rigging
sebagai sumbernya
0 komentar:
Posting Komentar