U.K. Regulator Fines, Bans Former RBS Trader for Rate Manipulation
January 08 2018 - 5:56AM
Dow Jones News
By Adam Clark
The U.K.'s financial regulator has fined a former Royal Bank of
Scotland Group PLC (RBS.LN) trader 250,000 pounds ($338,250) and
banned him from the financial industry for historic interest-rate
manipulation.
The Financial Conduct Authority said Monday that Neil Danziger,
a former RBS interest-rate derivatives trader, was knowingly
involved in a failure to observe proper standards of market conduct
and acted recklessly.
The offenses relate to RBS's submission of interest-rate
information to the British Bankers Association between 2007 and
2010, as well as trades made to cover payments to brokers for
personal hospitality, said the FCA.
The FCA has previously imposed seven financial penalties
totaling GBP426 million on companies for historic interest-rate
manipulation, it said. This includes a GBP87.5 million penalty
levied on RBS in 2013.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
January 08, 2018 05:41 ET (10:41 GMT)
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