Ex-Libor Broker Banned By FCA Over Dishonest Trades

Law360, London (May 29, 2019, 12:50 PM BST) -- The Financial Conduct Authority announced Wednesday it has barred a former trader, who was acquitted of conspiring to fix Libor in a rate-rigging scandal, for dishonesty and lacking integrity for arranging so-called "wash" trades.

The watchdog said Terry Farr, a former trader at Martins Brokers Ltd., was not a "fit and proper person" and lacked integrity. It has banned him from carrying out any regulated activity in the financial sector.

“Arranging wash trades in this way is inherently dishonest,” the FCA said in its final notice, which bans Farr for life. Wash trades are a pair of risk-free trades carried out with...

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