ex-Deutsche Bank trader Bittar and nine others charged over rate rigging

Britain charges ex-Deutsche trader Bittar, nine others over rate rigging

From Reuters –

“Britain's Serious Fraud Office (SFO) said on Friday it would charge former Deutsche Bank star trader Christian Bittar and nine others in a new phase of a global investigation into alleged benchmark interest rate rigging.

The 10 individuals will face the first criminal proceedings for alleged manipulation of Euribor benchmark interest rates, part of a global investigation that has already led to big financial institutions being fined billions of dollars and 22 men being charged.

The traders are all former or current employees of Deutsche Bank or Barclays and the SFO said it planned to file further criminal charges in due course.”

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Deutsche Bank has a technology problem

From Business Insider UK –

“When you pay $6 billion (£3.9 billion) by accident, it's time to admit your technology and operational controls aren't up to scratch.

Such is the case with Deutsche Bank, which mistakenly paid the money to a hedge fund client in a so-called "fat finger" trade in June when junior staff put in too many zeros on a transaction, according to a report in the Financial Times.”

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Ex-Deutsche Bank Executive Cloete Slams German Libor Criticisms

From Bloomberg Business -

“A former global finance chief at Deutsche Bank AG said the German market regulator ruined his reputation after it claimed he and other managers may have turned a blind eye to Libor manipulation.

Alan Cloete said in an Aug. 10 letter to the agency, Bafin, that he has suffered “as a result of the inaccurate and reputationally damaging assessments” by it. His letter, which was seen by Bloomberg, demanded the regulator issue a correction.

Bafin said in May it had doubts about statements by Cloete that he and others including former co-Chief Executive Officer Anshu Jain were unaware of the rigging of the London interbank offered rate. Deutsche Bank paid a record $2.5 billion in fines to global authorities in April over manipulation of Libor and related benchmarks.

“Cloete did not give any instructions to manipulate Libor, he was not aware that there was any manipulation or intention to manipulate,” Cloete’s lawyers said in the 57-page letter. “Nor would he have tolerated this had he known about it.” “

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