Regulation  

Libor rigging trader banned by the FCA

Libor rigging trader banned by the FCA

A former Deutsche bank employee has been banned from the UK financial service industry for “dishonest” behaviour.

Michael Ross Curther, a trader at the bank between 1993 and 2012 has been banned for “dishonesty” following his involvement in rigging the interest rate banks use to lend between each other, known as Libor.

Mark Stewards, director of enforcement and market oversight at FCA said: “Mr Curther has admitted engaging in dishonest conduct in making USD Libor submissions. Dishonesty must disqualify hime from the UK financial services. Consequently he must be prohibited.”

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Between 2000 and 2012, Mr Curter traded in instruments tied directly to the USD Libor and - after receiving requests from other Deutsche trades - altered his submissions to benefit the banl’s trading positions.

Mr Curter is currently waiting to be sentanced by the US discrict court of New York after pleading guilty for his involvment in Libor rigging on 8 October (2015).