Warning notice statement 14/13

The Financial Conduct Authority (the FCA) gave an individual a Warning Notice on 15
May 2014 proposing to take action in respect of the conduct summarised in this
statement.

IMPORTANT: a Warning Notice is not the final decision of the FCA. The
individual has the right to make representations to the Regulatory Decisions
Committee (RDC) which, in the light of those representations, will decide on
the appropriate action and whether to issue a decision notice. The RDC is a
Committee of the FCA board which decides whether the FCA should give certain
statutory notices described as within its scope by the FCA’s Handbook.

If a decision notice is issued, the individual has the right to refer the matter to
the Upper Tribunal which would reach an independent decision on the
appropriate action for the FCA to take, if any.

If either the RDC or the Upper Tribunal decides that no further action should be
taken, the FCA will publish a notice of discontinuance provided it has the
individual’s consent.

The following is a summary of the reasons why the FCA gave the individual a Warning
Notice:


The FCA considers that the individual, who was a trader at a bank, was knowingly
concerned in the contravention of Principle 5 by the bank by reason of significant
failings in relation to an interbank interest rate benchmark.


In particular, the FCA considers that the individual:

o
dishonestly attempted to interfere with the interbank interest rate benchmark
submissions of the bank by making requests to the bank’s submitters for the
purpose of benefiting trading positions; and

o
dishonestly attempted to interfere with the interbank interest rate benchmark
submissions of other panel banks by making requests to traders at other panel
banks for the purpose of benefiting trading positions knowing it was improper
to do so.