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February 27, 2014

Libor: FCA to take action against third trader

“The UK financial regulator’s investigation into individuals suspected of manipulating the Libor benchmark rate accelerated after it published its third notice of intended action against a trader linked to the inquiry in as many weeks.”

“The warning notice, published on the Financial Conduct Authority’s website on Thursday, alleges that the trader – who is not identified, nor the bank where he worked – colluded with a trader at another bank by making submissions that took into account requests from the other trader.”

“The FCA published its first two warning notices, both arising out of its inquiry into alleged Libor manipulation, at the beginning of February. One related to a submitter at a bank, and the other to a trader.”

BarclaysUBSRoyal Bank of Scotland, Rabobank and ICAP have already paid fines to settle with the FCA as part of the sprawling investigation, meaning that the regulator can start enforcement action against individuals at the companies.”

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Read full Financial Times article here.

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