Reuters - Britain’s financial watchdog has fined former Royal Bank of Scotland interest rate derivatives trader Neil Danziger £250,000 and banned him from working in any regulated financial activity, it said on Monday.
The Financial Conduct Authority (FCA) said Danziger, who worked at RBS trading products referenced to Japanese Yen Libor (London Interbank Offered Rate), was knowingly involved in RBS’s failure to observe proper standards of market conduct between 2007 and 2010.
“Proper standards of market conduct reflect the interests of the whole community in the well-being of our financial markets,” said Mark Steward, executive director of enforcement and market oversight at the FCA.
“Mr Danziger’s reckless disregard of these standards has no place in the financial services industry.”
Danziger was dismissed by RBS as a result of the Libor scandal at the end of 2011.