{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: Benchmark submission rigging enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/technique/benchmark-submission-rigging/", "feed_url": "https://marketmanipulation.org/feeds/technique/benchmark-submission-rigging.json", "description": "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.", "language": "en-US", "items": [ { "id": "https://marketmanipulation.org/cases/fca-philippe-moryoussef-individual-benchmark-submission-rigging-2022/", "url": "https://marketmanipulation.org/cases/fca-philippe-moryoussef-individual-benchmark-submission-rigging-2022/", "external_url": "https://www.fca.org.uk/publication/final-notices/philippe-moryoussef-2022.pdf", "title": "FCA v. Philippe Moryoussef Individual (benchmark submission rigging, 2022)", "summary": "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.", "date_published": "2022-07-15T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/fca-colin-bermingham-individual-benchmark-submission-rigging-2021/", "url": "https://marketmanipulation.org/cases/fca-colin-bermingham-individual-benchmark-submission-rigging-2021/", "external_url": "https://www.fca.org.uk/publication/final-notices/colin-bermingham-2021.pdf", "title": "FCA v. Colin Bermingham Individual (benchmark submission rigging, 2021)", "summary": "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.", "date_published": "2021-09-27T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/fca-terry-john-farr-benchmark-submission-rigging-2019/", "url": "https://marketmanipulation.org/cases/fca-terry-john-farr-benchmark-submission-rigging-2019/", "external_url": "https://www.fca.org.uk/publication/final-notices/terry-farr-final-notice-2019.pdf", "title": "FCA v. Terry John Farr (benchmark submission rigging, 2019)", "summary": "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.", "date_published": "2019-05-29T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/fca-jonathan-mathew-individual-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/fca-jonathan-mathew-individual-benchmark-submission-rigging-2018/", "external_url": "https://www.fca.org.uk/publication/final-notices/jonathan-mathew-2018.pdf", "title": "FCA v. Jonathan Mathew Individual (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-10-30T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/cftc-bank-of-america-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-bank-of-america-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7794-18", "title": "CFTC v. Bank of America (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-09-19T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-icap-capital-markets-llc-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-icap-capital-markets-llc-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7793-18", "title": "CFTC v. ICAP Capital Markets LLC (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-09-18T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-christian-bittar-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/fca-christian-bittar-benchmark-submission-rigging-2018/", "external_url": "https://www.fca.org.uk/publication/final-notices/christian-bittar-2018.pdf", "title": "FCA v. Christian Bittar (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-09-14T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/cftc-bnp-paribas-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-bnp-paribas-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7776-18", "title": "CFTC v. BNP Paribas (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-08-29T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-jpmorgan-chase-bank-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-jpmorgan-chase-bank-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7742-18", "title": "CFTC v. JPMorgan Chase Bank (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-06-18T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-societe-generale-s-a-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-societe-generale-s-a-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7736-18", "title": "CFTC v. Société Générale S.A. (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-06-04T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-guillaume-adolph-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/fca-guillaume-adolph-benchmark-submission-rigging-2018/", "external_url": "https://www.fca.org.uk/publication/final-notices/guillaume-adolph-2018.pdf", "title": "FCA v. Guillaume Adolph (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-02-15T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/cftc-deutsche-bank-securities-inc-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/cftc-deutsche-bank-securities-inc-benchmark-submission-rigging-2018/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7692-18", "title": "CFTC v. Deutsche Bank Securities Inc. (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-02-01T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-neil-danziger-benchmark-submission-rigging-2018/", "url": "https://marketmanipulation.org/cases/fca-neil-danziger-benchmark-submission-rigging-2018/", "external_url": "https://www.fca.org.uk/publication/final-notices/neil-danziger-2018.pdf", "title": "FCA v. Neil Danziger (benchmark submission rigging, 2018)", "summary": "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.", "date_published": "2018-01-08T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/cftc-the-royal-bank-of-scotland-benchmark-submission-rigging-2017/", "url": "https://marketmanipulation.org/cases/cftc-the-royal-bank-of-scotland-benchmark-submission-rigging-2017/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7527-17", "title": "CFTC v. The Royal Bank of Scotland (benchmark submission rigging, 2017)", "summary": "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.", "date_published": "2017-02-03T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-goldman-sachs-benchmark-submission-rigging-2016/", "url": "https://marketmanipulation.org/cases/cftc-goldman-sachs-benchmark-submission-rigging-2016/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7505-16", "title": "CFTC v. Goldman Sachs (benchmark submission rigging, 2016)", "summary": "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.", "date_published": "2016-12-21T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-peter-charles-johnson-individual-benchmark-submission-rigging-2016/", "url": "https://marketmanipulation.org/cases/fca-peter-charles-johnson-individual-benchmark-submission-rigging-2016/", "external_url": "https://www.fca.org.uk/publication/final-notices/peter-johnson.pdf", "title": "FCA v. Peter Charles Johnson Individual (benchmark submission rigging, 2016)", "summary": "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.", "date_published": "2016-08-26T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/cftc-citibank-benchmark-submission-rigging-2016/", "url": "https://marketmanipulation.org/cases/cftc-citibank-benchmark-submission-rigging-2016/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7372-16", "title": "CFTC v. Citibank (benchmark submission rigging, 2016)", "summary": "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.", "date_published": "2016-05-25T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-paul-white-benchmark-submission-rigging-2016/", "url": "https://marketmanipulation.org/cases/fca-paul-white-benchmark-submission-rigging-2016/", "external_url": "https://www.fca.org.uk/publication/final-notices/paul-white.pdf", "title": "FCA v. Paul White (benchmark submission rigging, 2016)", "summary": "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.", "date_published": "2016-04-08T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging" ] }, { "id": "https://marketmanipulation.org/cases/fca-lee-bruce-stewart-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/fca-lee-bruce-stewart-benchmark-submission-rigging-2015/", "external_url": "https://www.fca.org.uk/publication/final-notices/lee-bruce-stewart.pdf", "title": "FCA v. Lee Bruce Stewart (benchmark submission rigging, 2015)", "summary": "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.", "date_published": "2015-07-21T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-barclays-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/cftc-barclays-benchmark-submission-rigging-2015/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7180-15", "title": "CFTC v. Barclays (benchmark submission rigging, 2015)", "summary": "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.", "date_published": "2015-05-20T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-of-attempted-manipulation-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/cftc-of-attempted-manipulation-benchmark-submission-rigging-2015/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7181-15", "title": "CFTC v. Barclays Bank PLC (FX benchmark manipulation, 2015)", "summary": "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.", "date_published": "2015-05-20T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "fx-fixing", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-of-manipulation-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/cftc-of-manipulation-benchmark-submission-rigging-2015/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7159-15", "title": "CFTC v. Deutsche Bank AG (LIBOR and Euribor manipulation, 2015)", "summary": "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.", "date_published": "2015-04-23T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "fx-fixing", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-deutsche-bank-ag-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/fca-deutsche-bank-ag-benchmark-submission-rigging-2015/", "external_url": "https://www.fca.org.uk/publication/final-notices/deutsche-bank-ag-2015.pdf", "title": "FCA v. Deutsche Bank AG (benchmark submission rigging, 2015)", "summary": "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.", "date_published": "2015-04-23T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-david-caplin-benchmark-submission-rigging-2015/", "url": "https://marketmanipulation.org/cases/fca-david-caplin-benchmark-submission-rigging-2015/", "external_url": "https://www.fca.org.uk/publication/final-notices/david-caplin.pdf", "title": "FCA v. David Caplin (benchmark submission rigging, 2015)", "summary": "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.", "date_published": "2015-01-22T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-five-banks-benchmark-submission-rigging-2014/", "url": "https://marketmanipulation.org/cases/cftc-five-banks-benchmark-submission-rigging-2014/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/7056-14", "title": "CFTC v. Citibank, HSBC, JPMorgan, RBS and UBS (FX benchmark manipulation, 2014)", "summary": "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.", "date_published": "2014-11-12T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "fx-fixing", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-lloyds-banking-group-benchmark-submission-rigging-2014/", "url": "https://marketmanipulation.org/cases/cftc-lloyds-banking-group-benchmark-submission-rigging-2014/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/6966-14", "title": "CFTC v. Lloyds Banking Group and Lloyds Bank (benchmark submission rigging, 2014)", "summary": "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.", "date_published": "2014-07-28T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "cash-vs-derivatives-schemes", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/cftc-rp-martin-holdings-limited-benchmark-submission-rigging-2014/", "url": "https://marketmanipulation.org/cases/cftc-rp-martin-holdings-limited-benchmark-submission-rigging-2014/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/6930-14", "title": "CFTC v. RP Martin Holdings Limited and Its Subsidiary (benchmark submission rigging, 2014)", "summary": "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.", "date_published": "2014-05-15T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/fca-martin-brokers-uk-ltd-martins-benchmark-submission-rigging-2014/", "url": "https://marketmanipulation.org/cases/fca-martin-brokers-uk-ltd-martins-benchmark-submission-rigging-2014/", "external_url": "https://www.fca.org.uk/publication/final-notices/martin-brokers-uk-ltd.pdf", "title": "FCA v. Martin Brokers (UK) Ltd (Martins) (benchmark submission rigging, 2014)", "summary": "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.", "date_published": "2014-05-15T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "price-manipulation", "spoofing", "wash-trading" ] }, { "id": "https://marketmanipulation.org/cases/cftc-co-benchmark-submission-rigging-2013/", "url": "https://marketmanipulation.org/cases/cftc-co-benchmark-submission-rigging-2013/", "external_url": "https://www.cftc.gov/PressRoom/PressReleases/6752-13", "title": "CFTC v. Rabobank (benchmark submission rigging, 2013)", "summary": "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.", "date_published": "2013-10-29T00:00:00.000Z", "tags": [ "CFTC", "benchmark-submission-rigging", "price-manipulation" ] }, { "id": "https://marketmanipulation.org/cases/fca-cooperatieve-centrale-raiffeisen-boerenleenbank-b-a-rabobank-benchmark-submi/", "url": "https://marketmanipulation.org/cases/fca-cooperatieve-centrale-raiffeisen-boerenleenbank-b-a-rabobank-benchmark-submi/", "external_url": "https://www.fca.org.uk/publication/final-notices/rabobank.pdf", "title": "FCA v. Coöperatieve Centrale Raiffeisen–Boerenleenbank B.A. (‘Rabobank’) (benchmark submission rigging, 2013)", "summary": "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.", "date_published": "2013-10-29T00:00:00.000Z", "tags": [ "FCA", "benchmark-submission-rigging", "cash-vs-derivatives-schemes", "price-manipulation" ] } ] }