The Financial Conduct Authority (FCA) has fined former Royal Bank of Scotland (RBS) interest rate derivatives trader Neil Danziger £250,000 and banned him from the industry as a result of his role in the rigging of the yen Libor rate.
Danziger was found by the regulator to have been "knowingly concerned" in RBS's failure to observe proper standards of market conduct between February 2007 and November 2010. Update: SONIA set to replace Libor by 2021 Specifically, the FCA said Danziger, whose role involved trading products referenced to Japanese yen Libor, routinely made requests to RBS's primary submitters, intending to benefit the trading positions for which he and other derivatives traders were responsible. He then took those trading positions into account when acting as a substitute submitter. On two occasions...
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