FCA Lifts Ban on Four Traders Following Quashing of LIBOR Convictions
The UK Financial Conduct Authority has lifted prohibition orders on four traders and removed their final notices, after the Court of Appeal quashed their convictions related to the LIBOR and EURIBOR cases.
The UK Financial Conduct Authority (FCA) has lifted the prohibition orders issued against traders Colin Bermingham, Philippe Moryoussef, Jonathan Mathew, and Christian Bittar, according to an announcement by the authority.
The authority removed the final notices associated with these decisions, stating that the Court of Appeal quashed their convictions, which formed the basis of its actions.
The regulator clarified that it will take no further action against the four traders regarding this matter.
The move follows a lengthy legal process connected to the manipulation of the LIBOR and EURIBOR interest rate benchmarks, a case that reshaped financial market regulation over the past decade.
What do these terms mean?
LIBOR: An interest rate benchmark at which banks borrowed from one another in London, used as a reference for millions of financial contracts before being replaced by alternative benchmarks.
EURIBOR: A similar interbank interest rate benchmark in the Eurozone.
Final Notice: An official decision issued by the regulator that documents the breach and sets out the penalty, such as a ban or a fine.
Weekly Newsletter
Read between the lines before everyone else. Decode the most important economic, tech, and decision-maker movements in the region.. in 5 minutes every Saturday.
