(Adds details, background)
LONDON, March 3 Britain's financial regulator
said on Monday it had issued warning notices to two more people
for "significant failings" in relation to an interbank interest
The Financial Conduct Authority (FCA) did not name the
The Authority said one was a trader at a bank who tried to
interfere with the bank's rate submissions by making requests to
its submitters with the intention of benefitting trading
The other, whose position was not disclosed, took into
account requests made by traders to benefit their positions when
determining the submission made to a benchmark, the FCA said.
The warnings, issued in January but published on Monday, are
related to Libor, or London interbank offered rate, and its
continental European counterpart Euribor.
The rates, compiled by banks submitting quotes of rates they
believe they could borrow money at from another bank, have been
the subject of sprawling investigations stretching from North
America to Asia.
Banks have been found to have rigged them to show that
either they were not in financial difficulty during the credit
crisis or to improve their own trading positions.
So far a number of banks have been fined $6 billion for
manipulating the rates, which are used to price around $400
trillion worth of products worldwide, from derivatives to home
The FCA has now issued five warning notices since it gained
the power to do so. A notice sets out the regulator's case
against the individual and the breadth of any potential
financial penalties they face.
Lawyers say the regulator has dozens more individuals in
Those subject to warnings are able to contest allegations in
the notice and can take the matter to the independent Upper
Tribunal for resolution, if necessary.
Individuals are expected to fight harder than some of their
employers against any settlement with the regulator, because
they risk not only losing their jobs, but also the possibility
of paying hefty fines.
The FCA last week published a warning to a trader at a bank
for failings over two years.
Earlier in February it published warnings to a submitter of
benchmark interest rates and a manager at a bank.
Three former Barclays traders charged with Libor
rigging over two years are scheduled to appear at a London court
on Tuesday for a preliminary hearing.
(Reporting by Clare Hutchison; Editing by Mike Collett-White)