UK: FCA could break record with latest Euribor rigging fine

The UK’s Financial Conduct Authority is reportedly planning to fine a former Duetsche Bank trader for his alleged role in the manipulation of the Euribor benchmark.

Reports say Christian Bittar is the target of the FCA’s latest fine, according to unnamed sources.

Some reports say the FCA’s fine could top $16.8 million dollars, a sum that would make it the largest-ever fine imposed by the FCA on an individual.

Bittar departed from the German bank in 2011; he currently works in Singapore for a hedge fund. Both he and the FCA declined to comment on the matter.

Germany’s financial market authority BaFin announced last year it was in talks with Bittar in part of its broader investigation into the LIBOR benchmark-rigging investigation.

Full content: Euro News

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