March 5, 2018 / 11:24 AM / a year ago

UK watchdog fines former Deutsche Bank trader for Libor conduct

LONDON, March 5 (Reuters) - Britain’s Financial Conduct Authority (FCA) said it has fined former Deutsche Bank trader Guillaume Adolph 180,000 pounds ($249,000) and banned him from working in finance for “improperly influencing” the market quotes used for compiling the Libor interest rate benchmark.

Several banks have been fined billions of dollars for trying to rig the London Interbank Offered Rate, or Libor, an interest rate benchmark denominated in several currencies and used to help price trillions of dollars in financial products from home loans to credit cards.

“Mr Adolph improperly influenced several of Deutsche’s Libor submissions in disregard of standards governing Libor submissions,” Mark Steward, the FCA’s director of enforcement, said in a statement on Monday.

“Mr Adolph’s misconduct threatened the integrity of important benchmarks. He should have no further role in the financial services industry,” Steward said.

$1 = 0.7237 pounds Reporting by Huw Jones; editing by Jason Neely

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