FCA fines former Deutsche Bank derivatives trader £180k

Written by Adam Cadle

The FCA has fined Guillaume Adolph £180,000 and banned him from performing any function in relation to any regulated financial activity.

Adolph formerly worked at Deutsche Bank as a short-term interest rate derivatives trader, trading products referenced to CHF (Swiss Franc) and JPY (Japanese Yen) LIBOR. For a period of time, Adolph acted as the primary JPY LIBOR submitter for Deutsche.

FCA director of enforcement and market oversight Mark Steward said: "Adolph improperly influenced several of Deutsche’s LIBOR submissions in disregard of standards governing LIBOR submissions. Adolph’s misconduct threatened the integrity of important benchmarks. He should have no further role in the financial services industry.”

The FCA found that between 25 July 2008 and 11 March 2010, Adolph made requests to Deutsche’s CHF LIBOR Submitters to adjust their submissions to benefit Mr Adolph’s Trading Positions; took his own trading positions into account when acting as Deutsche’s primary JPY LIBOR submitter; and improperly agreed with a trader at another LIBOR panel bank to make JPY LIBOR submissions which took into account that trader’s requests.

The FCA has found that Adolph closed his mind to the risk that these actions were improper. He was also knowingly concerned in Deutsche’s failure to observe proper standards of market conduct.

The FCA has determined that he is not a fit and proper person to perform any regulated financial activity.

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