FCA v. Guillaume Adolph (benchmark submission rigging, 2018)

Settled

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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.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

£180k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in GBP. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Financial Conduct Authority issued this final notice on 15 February 2018. It finds that between 25 July 2008 and 11 March 2010 Adolph was knowingly concerned in Deutsche Bank's breach of Principle 5 in relation to LIBOR: he asked Deutsche's Swiss franc submitters to alter their submissions, took trading positions into account when making yen LIBOR submissions from July 2008 to November 2009, and agreed with an external trader to try to influence other banks' submissions.

He settled before a decision notice and received a 10 per cent discount from a £200,000 penalty, leaving £180,000, and was prohibited from regulated functions. This library tags the matter as benchmark submission rigging because the conduct is influencing LIBOR submissions.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Benchmark submission rigging — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2018-02-15 FCA final notice

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• FCA final notice

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.