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.”

Read more -

Why was Deutsche Bank fined a whopping £1.7bn?

From Fund Web –

“Deutsche Bank was handed a total fine of £1.7bn for its involvement in the Libor and Euribor rate-rigging scandal last month – the largest yet – but what led to the record high penalty?

The bank was fined a record £227m by the FCA for manipulating rates. The Department of Justice fined the bank $775m, while the Commodity Futures Trading Commission levied an $800m fine, and the New York Department of Financial Services fined Deustche $600m. The total penalties amount to $2.5bn (£1.7bn).”

Read more>>

Deutsche Bank's Record Fine Reveals Its Rotten Heart

From Forbes –

“Deutsche Bank has been issued with the largest fine of any bank for rigging international bank offer rates – what the UK’s Financial Conduct Authority (FCA) calls “IBORs”. There are several of these rates: the best-known is Libor – “London Inter-Bank Offer Rate” – but there are also the EU’s Euribor, China’s Shibor and Japan’s Tibor. Deutsche Bank’s fine is specifically for the manipulation of Libor and Euribor.”

Read more>>