UK Regulator Bans Former Broker Over Libor ‘Wash’ Trades

www.oann.com | 10/7/2015 | Staff
cobra662 (Posted by) Level 3
LONDON (Reuters) – Britain’s markets regulator has banned Terry Farr, one of six former brokers unanimously acquitted by a London jury over their role in the Libor scandal, for dishonesty and lacking integrity over so-called “wash” trades.

The Financial Conduct Authority (FCA) said on Wednesday that Farr, a former Martins Broker employee, was not fit and proper to perform any job in financial services.

Wash - Trades - Trades - Party - Purpose

Wash trades are risk-free trades with the same party that cancel each other out, serve no legitimate purpose but generate brokerage payments.

Farr, a former manager on the Japanese yen desk at Martins, arranged nine such trades between September 2008 and August 2009, after persuading a UBS trader he could influence benchmark Libor (London interbank offered rate) interest rates.

Farr - Wash - Trades - Pounds - Martins

Farr, who was aware that the wash trades were improper and sought to conceal them, earned almost 260,000 pounds ($328,000)for Martins from UBS and RBS, increasing the bonus pool available for...
(Excerpt) Read more at: www.oann.com
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