FCA fines and bans former Deutsche Bank trader

Reason:
Abuse
Content of Penalty:

Mr Adolph formerly worked at Deutsche Bank as a short-term interest rate derivatives trader, trading products referenced to CHF (Swiss Franc) and JPY (Japanese Yen) LIBOR. For a period of time, Mr Adolph acted as the primary JPY LIBOR submitter for Deutsche.

Mark Steward, Director of Enforcement and Market Oversight at the FCA said:

“Mr Adolph improperly influenced several of Deutsche’s LIBOR submissions in disregard of standards governing LIBOR submissions.  Mr Adolph’s misconduct threatened the integrity of important benchmarks.  He should have no further role in the financial services industry.”

The FCA found that between 25 July 2008 and 11 March 2010, Mr Adolph:

  • – made requests to Deutsche’s CHF LIBOR Submitters to adjust their submissions to benefit Mr Adolph’s Trading Positions;
  • – took his own trading positions into account when acting as Deutsche’s primary JPY LIBOR submitter; and
  • – improperly agreed with a trader at another LIBOR panel bank to make JPY LIBOR submissions which took into account that trader’s requests.

Date: 06/03/2018
Amount: 180,000
Link: https://www.fca.org.uk/news/press-releases/fca-fines-and-bans-former-deutsche-bank-trader-guillaume-adolph