Deutsche Bank Vet Faces Huge Rate-Rigging Fine

Jun 9 2014 | 9:22am ET

A hedge fund employee is facing a big fine for allegedly attempting to rig interest rates while at Deutsche Bank.

The Financial Conduct Authority wants to fine Christian Bittar, who now works for BlueCrest Capital Management in Singapore, £10 million (US$17 million). The levy would be a record for an individual, nearly double the previous high.

According to the FCA, Bittar sought to manipulate the euro interbank offered rate as part of a major rate-rigging scandal at top banks. The FCA is planning fines against seven other traders, Bloomberg News reports.

Bittar was fired by Deutsche Bank for allegedly colluding with a colleague at Barclays to manipulate rates in order to improve his own trades. He was among the bank’s best-paid traders before his 2011 dismissal.

Bittar can appeal the fine to the FCA’s Regulatory Decisions Committee.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of