The Financial Conduct Authority has confirmed a ban on Arif Hussein over Libor rigging.
Mr Hussein, a former UBS Group derivatives trader in sterling denominated instruments, was found to have "engaged in internal chats with a UBS trader-submitter knowing that it would be improper to participate in conduct intended to influence UBS’s Libor submissions".
The FCS’s regulator decisions committee found Mr Hussein knew it would be improper for Libor submissions to be made "with the aim of benefiting UBS’s trading positions but on a number of occasions he informed those responsible for UBS’s Libor submissions of his preferences for sterling Libor rates on the basis of his trading positions".
A final notice for Mr Hussein was imposed after a tribunal at the Royal Courts of Justice found he had "knowingly participated in conduct intended improperly to influence Libor submissions by reference to bank’s trading positions in derivatives".
But the committee rejected the contention put forward by the FCA's enforcement division that Mr Hussein had acted dishonestly in attempting to influence UBS’s Libor submissions for the benefit of the profitability of his trading book knowing that to be improper.
dan.moore@ft.com
