European Financial Correspondent
Kirstin's Feed
Aug 12, 2015

UK regulator wins 7.6 million pounds High Court ‘layering’ market abuse order

LONDON (Reuters) – A British High Court judge has ordered a Swiss investment firm and three Hungarian traders to pay 7.6 million pounds for manipulating share prices on UK trading platforms, handing the regulator a victory after a four-year legal battle.

Judge Richard Snowden ruled on Wednesday that the Financial Conduct Authority (FCA) was entitled to permanent injunctions and penalties against Da Vinci Invest, Seychelles-based Mineworld and traders Szabolcs Banya, Gyorgy Szabolcs Brad and Tamas Pornye.

Aug 12, 2015

UK regulator wins $12 mln High Court ‘layering’ market abuse order

LONDON, Aug 12 (Reuters) – A British High Court judge has
ordered a Swiss investment firm and three Hungarian traders to
pay 7.6 million pounds ($11.8 million) for manipulating share
prices on UK trading platforms, handing the regulator a victory
after a four-year legal battle.

Judge Richard Snowden ruled on Wednesday that the Financial
Conduct Authority (FCA) was entitled to permanent injunctions
and penalties against Da Vinci Invest, Seychelles-based
Mineworld and traders Szabolcs Banya, Gyorgy Szabolcs Brad and
Tamas Pornye.

Aug 4, 2015

Britain’s fraud prosecutor poised to file more Libor charges

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) is poised to file more criminal charges in connection with its investigation into alleged rigging of benchmark interest rates after sealing the world’s first Libor conviction in a jury trial on Monday.

“I have said further charges are likely … in the autumn. Our Libor investigation is far-reaching and quite wide … We haven’t finished yet,” SFO director David Green told Reuters in an interview on Tuesday.

Aug 3, 2015

How Libor whiz Rain Man became ‘the guy everyone was going to blame’

LONDON (Reuters) – He was so obsessed with the numbers that he did not see his downfall coming.

The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight.

Aug 3, 2015

Insight – How Libor whiz Rain Man became ‘the guy everyone was going to blame’

LONDON (Reuters) – He was so obsessed with the numbers that he did not see his downfall coming.

The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed “Rain Man”, who slept as an adult under a superhero duvet cover he had owned since he was eight.

Aug 3, 2015

Former trader Hayes found guilty in world’s first Libor trial

LONDON (Reuters) – Tom Hayes, a former UBS and
Citigroup trader, was found guilty of charges of
conspiracy to defraud on Monday as a jury delivered its verdict
in the first trial of a defendant accused of Libor interest rate
rigging.

Hayes, a 35-year-old former yen derivatives trader, faces up
to 10 years in jail for each count of conspiracy over the
manipulation of the London interbank offered rate (Libor), a
crucial benchmark for around $450 trillion of financial
contracts and consumer loans, between 2006 and 2010.

Jul 21, 2015

Hayes Libor trial is no open-and-shut case, defence argues

LONDON, July 21 (Reuters) – The criminal trial of Tom Hayes,
the former trader charged with Libor rigging offences, is not an
open-and-shut case despite reams of written requests made by him
to others to influence interest rates, a London court heard on
Tuesday.

In his first speech to the jury as the high-profile trial
reaches its final stages, defending counsel Neil Hawes denied
Hayes was dishonest or had run a “Nuremberg Defence”, seeking to
avoid guilt by claiming to be acting on the orders of superiors.

Jul 21, 2015

Hayes has no-one to blame but himself, prosecutor tells Libor trial

LONDON (Reuters) – The prosecution in the trial of Tom
Hayes, the first person to face a jury on Libor-rigging charges,
said on Tuesday the former trader had only himself to blame for
finding himself on trial.

In his closing speech for the prosecution, lead counsel
Mukul Chawla told the London court that no-one had forced Hayes
to rig rates, get others to help manipulate rates, pay bribes or
make admissions in lengthy interviews with investigators.

Jul 15, 2015

Ex-Libor trader says made mistakes in interviews with investigators

LONDON (Reuters) – Tom Hayes, a former trader on trial on Libor manipulation charges, told a London court on Wednesday he had made mistakes and “educated guesses” during interviews with investigators while he was cooperating with Britain’s Serious Fraud Office (SFO) in 2013.

The 35-year-old former yen derivatives trader told the court it was wrong to assume he had been qualified to answer some of the questions he had responded to after his arrest in England in December 2012.

Jul 9, 2015

UK regulator drops case against London Whale trader

LONDON (Reuters) – Bruno Iksil, the former JPMorgan trader dubbed the London Whale for his outsized trades, has escaped a fine and possible industry ban in Britain after an investigation into a scandal that cost the bank $6.2 billion in 2012, his lawyers said on Thursday.

Iksil, whose former boss Javier Martin-Artajo and junior colleague Julien Grout have been charged with offences including securities fraud and conspiracy in the United States, was told on July 1 that the UK regulator would take no action against him.

    • About Kirstin

      "Based in London, I cover European financial regulation, banking and legal stories. Before that, I was European Telecommunications Correspondent and have worked on assignments in countries such as Germany, Switzerland, Austria, Italy, Japan and Dublin."
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