FCA punishes Deutsche Bank for LIBOR lies with £227m fine

LIBOR and EURIBOR are based on daily estimates of the rates (submissions) at which banks on a panel can borrow funds in the inter-bank market. They are fundamental to the operation of both UK and international financial markets, including markets in interest rate derivatives contracts. Between January 2005 and December 2010, trading desks at Deutsche Bank manipulated its LIBOR and EURIBOR - collectively known as IBOR - submissions across all major currencies. The misconduct involved at least 29 Deutsche Bank individuals including managers, traders and submitters, primarily based in...