FCA has confirmed its ban on Christian Bittar, formerly interest rate derivative trader at Deutsche Bank. It found Mr Bittar requested EURIBOR submitters to make high or low submissions, both internally and externally, so that he could benefit his own and sometimes other traders’ profitability.
Mr Bittar was convicted and imprisoned for his actions, otherwise FCA would have sought a financial penalty of £6.5m.
FCA issued its original decision notice in April 2017. Mr Bittar referred it to the Upper Tribunal, which in turn had the proceedings stayed pending the final determination of the criminal proceedings for conspiracy to defraud, which concluded in March.
As a result of the criminal conviction, imprisonment and confiscation order for £2.5m, the Tribunal ordered FCA not to proceed with its proposed financial penalty, but otherwise dismissed the reference, so that FCA’s decision to ban Mr Bittar from any function in relation to any financial activity is now final.