View more on these topics

FCA drops Libor case against ex-UBS trader

FCA logo new 3 620x430

The FCA has ended plans to prosecute a former UBS trader over the Libor-rigging scandal after failing to convince an independent panel of its case.

Panagiotis Koutsogiannis will face no charges despite a court hearing that he and other UBS colleagues discussed Libor fixing, the Telegraph reports.

The former head of funding for UBS’ rates division, was named as part of the trial of Tom Hayes, a trader sentenced to 14 years’ jail earlier this week.

He refused to give evidence during the trial, but the jury was instead shown transcripts of interviews he had given to the FCA and the US Commodity Futures Trading Commission, as well as emails between Hayes and Koutsogiannis in which the former asked for approval to place trades to lower Libor.

Koutsogiannis’ lawyer Ben Rose of Hickman & Rose told the Telegraph: “After a long and detailed investigation and a full hearing of the Regulatory Decisions Committee of the FCA it was concluded that Mr Koutsogiannis’ conduct was neither dishonest nor lacking in integrity.

The FCA’s regulatory decision committee is part of the FCA independent appeals process. The panel is designed to be independent from the team at the centre of the issue, and hears cases where the person under investigation disputes the watchdog’s version of events.

The 11-person committee last month ended an investigation into former JP Morgan trader Bruno Iksil, known as the London Whale.

The FCA declined to comment.

Recommended

FCA logo new 620x430.jpg

FCA bans ex-Rabobank trader over Libor rigging

The FCA has banned a former Rabobank trader from working in financial services after he was convicted for manipulating the bank’s Libor submissions. Lee Stewart worked as a senior derivatives trader at the London desk of Dutch financial services firm Rabobank between 1993 and 2009. In March this year Stewart pleaded guilty to one count […]

FCA interior logo 620x430
1

FCA rebukes banks over Libor rigging response

The FCA has hit out at banks for failing to address risk management issues in the wake of the Libor rigging scandal. A thematic review carried out by the regulator found that while “some progress” has been made in improving oversight and controls around benchmarks, the application of lessons learned from the episode has been […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment