https://marketmanipulation.org/cases/technique/benchmark-submission-rigging/ The 30 most recent enforcement records tagged benchmark submission rigging in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Fri, 15 Jul 2022 00:00:00 GMT https://marketmanipulation.org/cases/fca-philippe-moryoussef-individual-benchmark-submission-rigging-2022/ https://marketmanipulation.org/cases/fca-philippe-moryoussef-individual-benchmark-submission-rigging-2022/ In July 2022 the FCA prohibited former Barclays manager Philippe Moryoussef from regulated functions after his 2018 conviction for conspiracy to defraud over EURIBOR submissions made at Barclays under his supervision, for which he was sentenced to eight years in prison. No fine was imposed. Fri, 15 Jul 2022 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/fca-colin-bermingham-individual-benchmark-submission-rigging-2021/ https://marketmanipulation.org/cases/fca-colin-bermingham-individual-benchmark-submission-rigging-2021/ In September 2021 the Financial Conduct Authority prohibited Colin Bermingham from regulated work after his 2019 conviction of conspiracy to defraud over EURIBOR submissions made at Barclays under his supervision, for which he received five years in prison. He agreed to resolve the matter. Mon, 27 Sep 2021 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/fca-terry-john-farr-benchmark-submission-rigging-2019/ https://marketmanipulation.org/cases/fca-terry-john-farr-benchmark-submission-rigging-2019/ In 2019, the Financial Conduct Authority obtained a judgment against Terry John Farr, alleging conduct this library classifies as benchmark submission rigging and wash trading. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release. Wed, 29 May 2019 00:00:00 GMT FCA benchmark-submission-rigging wash-trading https://marketmanipulation.org/cases/fca-jonathan-mathew-individual-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/fca-jonathan-mathew-individual-benchmark-submission-rigging-2018/ In October 2018 the Financial Conduct Authority prohibited Jonathan Mathew from regulated work after his 2016 conviction of conspiracy to defraud in fixing USD LIBOR, for which he received four years in prison. Tue, 30 Oct 2018 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/cftc-bank-of-america-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-bank-of-america-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against Bank of America, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $30 million. Wed, 19 Sep 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-icap-capital-markets-llc-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-icap-capital-markets-llc-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against ICAP Capital Markets LLC, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $50 million. Tue, 18 Sep 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-christian-bittar-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/fca-christian-bittar-benchmark-submission-rigging-2018/ In September 2018 the FCA prohibited former Deutsche Bank trader Christian Bittar and imposed no fine, after he pleaded guilty to conspiracy to defraud over EURIBOR manipulation and was sentenced to five years and four months in prison. The £6.5 million penalty in its earlier decision notice was dropped. Fri, 14 Sep 2018 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/cftc-bnp-paribas-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-bnp-paribas-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against BNP Paribas, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $90 million. Wed, 29 Aug 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-jpmorgan-chase-bank-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-jpmorgan-chase-bank-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against JPMorgan Chase Bank, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $65 million. Mon, 18 Jun 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-societe-generale-s-a-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-societe-generale-s-a-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against Société Générale S.A., alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $475 million. A parallel criminal matter is referenced in the release. Mon, 04 Jun 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-guillaume-adolph-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/fca-guillaume-adolph-benchmark-submission-rigging-2018/ In February 2018 the FCA fined former Deutsche Bank trader Guillaume Adolph £180,000 and prohibited him over his role in attempting to influence yen and Swiss franc LIBOR submissions to benefit trading positions. Thu, 15 Feb 2018 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/cftc-deutsche-bank-securities-inc-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/cftc-deutsche-bank-securities-inc-benchmark-submission-rigging-2018/ In 2018, the Commodity Futures Trading Commission obtained a judgment against Deutsche Bank Securities Inc., alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $70 million. Thu, 01 Feb 2018 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-neil-danziger-benchmark-submission-rigging-2018/ https://marketmanipulation.org/cases/fca-neil-danziger-benchmark-submission-rigging-2018/ In January 2018 the FCA fined former RBS trader Neil Danziger £250,000 and prohibited him for attempting to influence yen LIBOR submissions to benefit trading positions and for entering wash trades to pay brokerage to brokers. Mon, 08 Jan 2018 00:00:00 GMT FCA benchmark-submission-rigging wash-trading https://marketmanipulation.org/cases/cftc-the-royal-bank-of-scotland-benchmark-submission-rigging-2017/ https://marketmanipulation.org/cases/cftc-the-royal-bank-of-scotland-benchmark-submission-rigging-2017/ In 2017, the Commodity Futures Trading Commission obtained a judgment against The Royal Bank of Scotland, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $85 million. Fri, 03 Feb 2017 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-goldman-sachs-benchmark-submission-rigging-2016/ https://marketmanipulation.org/cases/cftc-goldman-sachs-benchmark-submission-rigging-2016/ In 2016, the Commodity Futures Trading Commission obtained a judgment against Goldman Sachs, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $120 million. Wed, 21 Dec 2016 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-peter-charles-johnson-individual-benchmark-submission-rigging-2016/ https://marketmanipulation.org/cases/fca-peter-charles-johnson-individual-benchmark-submission-rigging-2016/ In August 2016 the FCA prohibited Peter Johnson, a senior Barclays money-markets trader, from regulated functions after he pleaded guilty to conspiracy to defraud over his LIBOR submissions and was sentenced to four years in prison. Fri, 26 Aug 2016 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/cftc-citibank-benchmark-submission-rigging-2016/ https://marketmanipulation.org/cases/cftc-citibank-benchmark-submission-rigging-2016/ In 2016, the Commodity Futures Trading Commission obtained a judgment against Citibank, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $175 million. A parallel criminal matter is referenced in the release. Wed, 25 May 2016 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-paul-white-benchmark-submission-rigging-2016/ https://marketmanipulation.org/cases/fca-paul-white-benchmark-submission-rigging-2016/ In April 2016 the FCA publicly censured and prohibited Paul White, RBS's primary yen and Swiss franc LIBOR submitter from 2007 to 2010, for submissions influenced by derivatives traders' requests, a broker's requests and trading positions. It imposed no fine because of his hardship. Fri, 08 Apr 2016 00:00:00 GMT FCA benchmark-submission-rigging https://marketmanipulation.org/cases/fca-lee-bruce-stewart-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/fca-lee-bruce-stewart-benchmark-submission-rigging-2015/ In July 2015 the FCA prohibited former Rabobank trader Lee Stewart from performing any regulated function, after he pleaded guilty in the United States in March 2015 to conspiracy to commit wire and bank fraud over his attempts to manipulate U.S. dollar LIBOR between 2007 and 2009. No fine was imposed. Tue, 21 Jul 2015 00:00:00 GMT FCA benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-barclays-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/cftc-barclays-benchmark-submission-rigging-2015/ In 2015, the Commodity Futures Trading Commission obtained a judgment against Barclays, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $115 million. Wed, 20 May 2015 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-of-attempted-manipulation-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/cftc-of-attempted-manipulation-benchmark-submission-rigging-2015/ In May 2015 the CFTC issued an order settling charges against Barclays Bank PLC for attempted manipulation and false reporting of global FX benchmark rates, and for aiding other banks' attempts, imposing a $400 million penalty. The same day it took a separate ISDAFIX action against Barclays, recorded separately. Wed, 20 May 2015 00:00:00 GMT CFTC benchmark-submission-rigging fx-fixing price-manipulation https://marketmanipulation.org/cases/cftc-of-manipulation-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/cftc-of-manipulation-benchmark-submission-rigging-2015/ In April 2015 the CFTC issued an order settling charges against Deutsche Bank AG for false reporting, attempted manipulation and at times successful manipulation of U.S. dollar, yen, sterling and Swiss franc LIBOR and Euribor, imposing an $800 million penalty, the largest in CFTC history to that date, alongside related Justice Department actions. Thu, 23 Apr 2015 00:00:00 GMT CFTC benchmark-submission-rigging fx-fixing price-manipulation https://marketmanipulation.org/cases/fca-deutsche-bank-ag-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/fca-deutsche-bank-ag-benchmark-submission-rigging-2015/ In April 2015 the FCA fined Deutsche Bank AG £226.8 million for attempted manipulation of LIBOR and Euribor, improper conduct towards the regulator and deficient systems, after a 30 percent settlement discount from £324 million. Thu, 23 Apr 2015 00:00:00 GMT FCA benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-david-caplin-benchmark-submission-rigging-2015/ https://marketmanipulation.org/cases/fca-david-caplin-benchmark-submission-rigging-2015/ In 2015, the Financial Conduct Authority settled an action with David Caplin, alleging conduct this library classifies as benchmark submission rigging, price manipulation and wash trading. The release does not state a monetary figure that we were able to extract. Thu, 22 Jan 2015 00:00:00 GMT FCA benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/cftc-five-banks-benchmark-submission-rigging-2014/ https://marketmanipulation.org/cases/cftc-five-banks-benchmark-submission-rigging-2014/ In November 2014 the CFTC issued five orders settling charges against Citibank N.A., HSBC Bank plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland plc and UBS AG for attempting to manipulate global FX benchmark rates, including the WM/Reuters closing spot rates, by coordinating trading with other banks in private chat rooms. The orders impose over $1.4 billion in penalties: $310 million each for Citibank and JPMorgan, $290 million each for RBS and UBS and $275 million for HSBC. Wed, 12 Nov 2014 00:00:00 GMT CFTC benchmark-submission-rigging fx-fixing price-manipulation https://marketmanipulation.org/cases/cftc-lloyds-banking-group-benchmark-submission-rigging-2014/ https://marketmanipulation.org/cases/cftc-lloyds-banking-group-benchmark-submission-rigging-2014/ In 2014, the Commodity Futures Trading Commission issued a settled administrative order against Lloyds Banking Group and Lloyds Bank, alleging conduct this library classifies as benchmark submission rigging, cash vs derivatives schemes and price manipulation. The release records a civil penalty of $105 million. A parallel criminal matter is referenced in the release. Mon, 28 Jul 2014 00:00:00 GMT CFTC benchmark-submission-rigging cash-vs-derivatives-schemes price-manipulation https://marketmanipulation.org/cases/cftc-rp-martin-holdings-limited-benchmark-submission-rigging-2014/ https://marketmanipulation.org/cases/cftc-rp-martin-holdings-limited-benchmark-submission-rigging-2014/ In 2014, the Commodity Futures Trading Commission issued a settled administrative order against RP Martin Holdings Limited and Its Subsidiary, alleging conduct this library classifies as benchmark submission rigging, price manipulation and wash trading. The release records a civil penalty of $1.2 million. Thu, 15 May 2014 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation wash-trading https://marketmanipulation.org/cases/fca-martin-brokers-uk-ltd-martins-benchmark-submission-rigging-2014/ https://marketmanipulation.org/cases/fca-martin-brokers-uk-ltd-martins-benchmark-submission-rigging-2014/ In 2014, the Financial Conduct Authority settled an action with Martin Brokers (UK) Ltd (Martins). The final notice finds the broker helped a derivatives trader influence yen LIBOR, including by submitting false orders to sway panel banks' views. The penalty is £630,000: a £3.6 million fine was cut by 75% for the firm's finances, then reduced by a 30% settlement discount. The release records a penalty of GBP 630,000. Thu, 15 May 2014 00:00:00 GMT FCA benchmark-submission-rigging price-manipulation spoofing wash-trading https://marketmanipulation.org/cases/cftc-co-benchmark-submission-rigging-2013/ https://marketmanipulation.org/cases/cftc-co-benchmark-submission-rigging-2013/ In 2013, the Commodity Futures Trading Commission issued a settled administrative order against Co, alleging conduct this library classifies as benchmark submission rigging and price manipulation. The release records a civil penalty of $475 million. A parallel criminal matter is referenced in the release. Tue, 29 Oct 2013 00:00:00 GMT CFTC benchmark-submission-rigging price-manipulation https://marketmanipulation.org/cases/fca-cooperatieve-centrale-raiffeisen-boerenleenbank-b-a-rabobank-benchmark-submi/ https://marketmanipulation.org/cases/fca-cooperatieve-centrale-raiffeisen-boerenleenbank-b-a-rabobank-benchmark-submi/ In October 2013 the FCA fined Rabobank £105 million for misconduct relating to LIBOR, after an early-settlement discount of 30 percent from £150 million. Tue, 29 Oct 2013 00:00:00 GMT FCA benchmark-submission-rigging cash-vs-derivatives-schemes price-manipulation