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Financial Conduct Authority bans former Deutsche Bank trader

Jaclyn Jaeger | March 6, 2018

The U.K. Financial Conduct Authority (FCA) has fined Guillaume Adolph £180,000 and banned him from performing any function in relation to any regulated financial activity.

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, Adolph acted as the primary JPY LIBOR submitter for Deutsche.

“Adolph improperly influenced several of Deutsche’s LIBOR submissions in disregard of standards governing LIBOR submissions,” Mark Steward, FCA Director of Enforcement and Market Oversight, said in a statement. “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, Adolph made requests to Deutsche’s CHF LIBOR Submitters to adjust their submissions to benefit Mr Adolph’s Trading Positions; took his own...

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