Ex-Deutsche Bank trader wins dispute with FCA

Deutsche Bank - Foyer Bridge

A London judge ruled former Deutsche Bank trader Christian Bittar was improperly identified in a regulatory sanction notice against the bank over Libor in a significant setback for the Financial Conduct Authority.

Bloomberg News reports that Bittar had the right to review the FCA’s settlement with Deutsche Bank for manipulating interest-rate benchmarks before it was published, because his identity could be determined in the report, Judge Timothy Herrington said in a judgment published on the court website Tuesday.

Deutsche Bank was fined a record $2.5bn in April by global regulators for manipulating the London interbank offered rate and related benchmarks.

As part of the settlement, the FCA published a document outlining the wrongdoing, including specific examples of misbehavior by traders and managers, using terms such as manager B - a moniker for Bittar. The FCA is obliged to give a person the chance to respond to allegations before publication if they’re identifiable.

To access the complete Bloomberg News article hit the link below:

Ex-Deutsche Bank Trader Bittar Wins Identity Dispute With FCA

Credit Suisse, Goldman Said Mulling Plan to Promote CDS Clearing

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News