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UK regulator fines, bans former Deutsche Bank trader over LIBOR rigging

The U.K. Financial Conduct Authority fined former Deutsche Bank AG trader Guillaume Adolph £180,000 and banned him from carrying out any regulated financial activity over his role in the manipulation of benchmark interest rates.

The FCA said that between July 2008 and March 2010, Adolph asked Deutsche Bank employees who made the company's submissions to the calculation of the Swiss franc London Interbank Offered Rate to adjust their submissions to benefit his positions, and also took his own positions into account when making his submissions to the calculation of Japanese yen LIBOR. He also made an improper agreement with a trader at another bank to take that trader's requests into account when making his yen LIBOR submissions.

Adolph said in an emailed statement that issues with LIBOR at Deutsche Bank were the fault of the bank itself, which he said "specifically encouraged the very culture that only now, many years on, has led to FCA sanctions," Bloomberg News reported March 5. Adolph was never criminally charged for his involvement in the manipulation of benchmark rates, although he was fired by Deutsche Bank.