Former Deutsche Bank trader Christian Bittar, who was sentenced to more than five years in prison in July, has been banned by the FCA.
In April last year, the FCA issued a decision notice to Bittar that imposed a £6.5m fine. Bittar referred that notice to the Upper Tribunal.
Those proceedings were stayed in August last year pending the outcome of criminal proceedings against Bittar for conspiracy to defraud.
Bittar pleaded guilty in the criminal action in March this year and in July was handed his prison sentence as well as a confiscation order of £2.5m.
On Friday, in light of the orders in the criminal proceedings, the Upper Tribunal directed the FCA not to impose a financial penalty on Bittar. This means the FCA’s initial decision to ban Bittar is now its final decision.
While at Deutsche Bank, Bittar traded interest rate derivative products referenced to benchmarks including Euribor.
A statement from the FCA says Bittar made requests to Euribor submitters to make high or low Euribor submissions, both internally at Deutsche Bank and externally. The regulator says he did this to benefit the profitability of the trading positions he was responsible for and, sometimes, the profitability of other traders.
FCA enforcement and market oversight executive director Mark Steward says: “If [Bittar] had not been convicted and imprisoned for the same matters, the FCA would have sought a financial penalty of £6.5m. As it is, we have prohibited him from performing any regulated function, reinforcing the message of the criminal court.”