Key Takeaways
- • The UK Financial Conduct Authority said on Friday it had revoked bans on four former traders sanctioned over LIBOR and EURIBOR benchmark manipulation, according to Reuters via TradingView.
- • The four individuals named are Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar.
- • The FCA action follows Court of Appeal decisions that quashed the convictions of five former Barclays traders, including Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, on a Wednesday ruling reported in related coverage.
- • The reversal follows a roughly 10-year legal battle, with the Supreme Court ruling that the trials of Mr Hayes and Mr Palombo were unfair.
- • For allocators and compliance teams, the episode highlights how regulatory bans and criminal convictions linked to benchmark-rate cases can be reversed on appeal.
Summary
Britain's Financial Conduct Authority said on Friday it had lifted bans on four former traders previously sanctioned over manipulation of the LIBOR and EURIBOR benchmark interest rates, according to a Reuters report carried by TradingView. The regulator named Colin Bermingham, Philippe Moryoussef, Jonathan Mathew and Christian Bittar as the individuals whose prohibitions had been revoked.
The FCA decision follows court rulings that overturned criminal convictions in related benchmark-rigging cases. Related coverage from the publisher's database reports that the Court of Appeal on a Wednesday quashed the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, all former Barclays traders who had been found guilty of attempting to rig the London Interbank Offered Rate (LIBOR). Coverage describes the cases as having run for about a decade before the Supreme Court found that the trials of Mr Hayes and Mr Palombo were unfair, leading to the overturning of their convictions.
The primary report does not itemise the full grounds for the FCA's decision to lift the bans, so the regulatory rationale should be read against the court outcomes described in related coverage. The reporting indicates the revocations follow the quashing of the underlying convictions rather than new findings on the underlying conduct.
For institutional readers, the development underscores that regulatory sanctions tied to criminal benchmark-manipulation cases can be unwound when the underlying convictions fall, which may matter for counterparty due diligence and conduct-risk assessments involving former benchmark submitters.
The FCA decision follows court rulings that overturned criminal convictions in related benchmark-rigging cases. Related coverage from the publisher's database reports that the Court of Appeal on a Wednesday quashed the convictions of Jay Merchant, Jonathan Mathew, Philippe Moryoussef, Alex Pabon and Colin Bermingham, all former Barclays traders who had been found guilty of attempting to rig the London Interbank Offered Rate (LIBOR). Coverage describes the cases as having run for about a decade before the Supreme Court found that the trials of Mr Hayes and Mr Palombo were unfair, leading to the overturning of their convictions.
The primary report does not itemise the full grounds for the FCA's decision to lift the bans, so the regulatory rationale should be read against the court outcomes described in related coverage. The reporting indicates the revocations follow the quashing of the underlying convictions rather than new findings on the underlying conduct.
For institutional readers, the development underscores that regulatory sanctions tied to criminal benchmark-manipulation cases can be unwound when the underlying convictions fall, which may matter for counterparty due diligence and conduct-risk assessments involving former benchmark submitters.
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