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UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Financial Conduct Authority (FCA), has fined ex-RBS interest rate derivatives trader, Neil Danziger, a sum of £250,000 for Libor misconduct.  Neil has committed the offences while he was working at the RBS trading products desk, referencing to JPY LIBOR.

” ex-RBS Trader fined £250,000 for Libor misconduct “

Between 2007 to 2010, he had made requests to RBS’s primary submitters, benefiting from the trade positions he and his fellow derivatives traders were responsible for.  He had also twice, secured the help of a broker to manipulate the JPY LIBOR submission of other banks.  Between 2008 and 2009, he had also entered into “wash trades” or transactions that cancelled out each other, to generate brokerage fees to brokers in return for receiving hospitality treats (dining & drinks).  In addition to the fine of £250,000, the ex-RBS trader is also prohibited from working in the financial services.

Since 1st April 2013, the FCA has became responsible for conduct supervision of all regulated financial firms, and imposed 7 penalties totalling £426 million in fines on firms for misconduct relating to LIBOR.

Source: Financial Conduct Authority

 

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About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 

About Financial Conduct Authority

The Prudential Regulation Authority (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates.

We were established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.

Visit: FCA


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