The UK Financial Conduct Authority (FCA) has banned former Deutsche Bank trader Michael Ross Curtler over his involvement in the US Dollar Libor rate rigging scandal.
Curtler is the third trader to be banned by the FCA for manipulating the world’s most used interbank rate. Last year the FCA banned former Rabobank trader Lee Bruce Stewart for his involvement in the scandal.
In October Curtler pleaded guilty in the Manhattan federal court for his role in a conspiracy to manipulate Deutsche’s US Dollar Libor submissions. The case marked the first time an individual had been charged in the investigation connected to Deutsche Bank, which agreed to pay $2.5 billion in April to settle investigations by US and UK regulators.
He is away sentencing by the US court where he faces a maximum period of imprisonment of 30 years.
“Mr Curtler has admitted engaging in dishonest conduct in making USD Libor submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited,” said Mark Steward, director of enforcement and market oversight, FCA.
Libor, or the London interbank offered rate, is a short-term rate banks charge each other for loans that is calculated based on submissions by a panel of banks, and is used to value trades in multi-trillion dollar derivatives markets.