U.K. Regulator Fines, Bans Former RBS Trader for Rate Manipulation -- Update
January 08 2018 - 7:56AM
Dow Jones News
(Adds statement from Mr. Danziger in fourth and fifth
paragraphs.)
By Adam Clark
The U.K.'s financial regulator has fined a former Royal Bank of
Scotland Group PLC (RBS.LN) trader 250,000 pounds ($338,250) and
banned him from the financial industry for historic interest-rate
manipulation.
The Financial Conduct Authority said Monday that Neil Danziger,
a former RBS interest-rate derivatives trader, was knowingly
involved in a failure to observe proper standards of market conduct
and acted recklessly.
The offenses relate to RBS's submission of Libor information to
the British Bankers Association between 2007 and 2010, as well as
trades made to cover payments to brokers for personal hospitality,
said the FCA.
"Mr Danziger continues to dispute the FCA's findings and feels
strongly that he is being scapegoated for the systemic problems
relating to LIBOR," said a spokesman for Mr. Danziger.
"However, the last five years have been incredibly challenging.
He is emotionally exhausted and financially drained. He leaves it
to others, better resourced, to press the FCA for answers, hopeful
that, one day, the real truth will come out," added the
spokesman.
The FCA has previously imposed seven financial penalties
totaling GBP426 million on companies for historic interest-rate
manipulation, it said. This includes a GBP87.5 million penalty
levied on RBS in 2013.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
January 08, 2018 07:41 ET (12:41 GMT)
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