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...
Wake Up To Breaking News!