LONDON, June 6 Britain's financial regulator is
seeking to fine former Deutsche Bank trader Christian
Bittar for his alleged role in trying to fix a benchmark
interest rate, media reports said on Friday.
The Financial Conduct Authority (FCA) has notified Bittar
that it plans to penalise him for allegedly attempting to
manipulate the euro interbank offered rate (Euribor), reports by
Bloomberg and the Financial Times said, citing sources.
Bloomberg said the potential fine could be around 10 million
pounds ($16.8 million), which would make it the largest ever
penalty the FCA has imposed on an individual.
A lawyer for Bittar, who left Deutsche Bank in 2011 and now
works for hedge fund BlueCrest Capital Management in Singapore,
declined to comment. The FCA also declined to comment.
A spokesman for Deutsche Bank said the bank is "cooperating
with the authorities in a number of regulatory enquiries".
The German financial markets regulator, BaFin, said last
year that it wanted to talk to Bittar as part of its
investigation into possible manipulation of the London interbank
offered rate (Libor) benchmark interest rate.
U.S. and European authorities have to date fined 10 banks
and brokerages around $6 billion to settle allegations they
rigged Libor and Euribor, and prosecutors have charged 16 men
with fraud-related offences.
Deutsche Bank was fined 725 million euros ($988.83 million)
by European Union antitrust regulators last year.
($1 = 0.5956 British Pounds)
($1 = 0.7332 Euros)
(Reporting by Clare Hutchison, Kirstin Ridley in London and
Jonathan Gould in Frankfurt; Editing by Pravin Char)