Guillaume Adolph fined by FCA for Libor rigging
The Financial Conduct Authority (FCA) has fined former Deutsche Bank trader Guillaume Adolph £180,000 and banned him from ever working in the financial services industry after he was found to have manipulated the London Interbank Offered Rate (Libor).
The FCA found that between July 2008 and March 2010 Adolph requested that Deutsche Bank's Libor traders tailored their submissions to suit his own requests, and improperly agreed with another bank trader to alter submissions to suit that trader's demands.
Libor is a global benchmark used by financial institutions to determine interest rates. Allegations of fixing have rocked the City and have led to a number of jail sentences. In 2015, former UBS and Citigroup trader Tom Hayes received an 11-year sentence for Libor rigging, which he is seeking to overturn.
The FCA's director of enforcement and market oversight Mark Seward said: “Mr Adolph improperly influenced several of Deutsche’s Libor submissions in disregard of standards governing Libor submissions. Mr Adolph’s misconduct threatened the integrity of important benchmarks. He should have no further role in the financial services industry."
Lawyers for Adolph said their client wanted to move on from his life outside of the financial services sector.
"As the FCA has previously found, the blame for the problems associated with Libor within Deutsche Bank lies firmly at the door of the bank, " BCL solicitors said in a statement.
"In a regulatory vacuum, the bank failed to provide Mr Adolph with any proper guidance and training; placed him in a position of direct conflict of interest in his trading role … and specifically encouraged the very culture that only now, many years on, has led to FCA sanctions."