Seeking Alpha

Fine for ex-Deutsche trader could be £10M

  • The U.K.'s FInancial Conduct Authority is looking to fine former Deutsche Bank (DB -2.6%) trader Christian Bittar about £10M ($17M) for trying to rig Euribor (benchmark European rates), reports Bloomberg, in what would be the largest-ever penalty against an individual.
  • Without naming names, the FCA says it's looking to fine at least seven other traders for manipulating benchmark rates, with two facing fines of over £1M.
  • Bittar was fired from Deutsche in 2011 after the bank claimed he colluded with another trader to boost the value of his trades, and he lost about €40M in bonuses after being let go. He's currently based Singapore and working at a hedge fund.
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