The FCA has published four warning notice statements in relation to three employees and one trader of a bank. The FCA considers the individuals to have been knowingly concerned in the contravention of Principle 5 (Market Conduct) by the bank for significant failings in relation to an interest rate benchmark. The FCA considers that the individuals have variously been involved in:
- attempting to influence the submissions of the bank’s interest rate benchmark submitters on behalf of traders both at the bank and other panel banks for the purposes of benefitting trading positions;
- attempting to interfere with the interbank interest rate benchmark submissions of other panel banks for the purposes of benefitting trading positions;
- utilising existing knowledge of positions on the trading book when making submissions; and
- colluding with an interdealer broker to influence the submissions of other banks and in return, facilitating corrupt brokerage payments.
View Warning notice statement 14/12 – Individual, 15 August 2014
View Warning notice statement 14/13 – Individual, 15 August 2014
View Warning notice statement 14/14 – Individual, 15 August 2014
View Warning notice statement 14/15 – Individual, 15 August 2014
