"Mr Adolph improperly influenced several of Deutsche’s Libor submissions in disregard of standards governing Libor submissions. "
Adolph formerly worked at Deutsche Bank as a short-term interest rate derivatives trader, trading products referenced to Swiss Franc and Japanese Yen LIBOR.
The FCA found that between July 2008 and March 2010, he requested Deutche's Libor submitters to make adjustments to benefit his trading positions.
The regulator says Adolph "closed his mind to the risk that these actions were improper" and was "knowingly concerned in Deutsche’s failure to observe proper standards of market conduct".
On 21 January 2014, the FCA issued Adolph with a Warning Notice, but proceedings were stayed due to the ongoing criminal investigation of the Serious Fraud Office into certain individuals who formerly worked at Deutsche Bank.
Mark Steward, Director of Enforcement and Market Oversight at the FCA, said: “Mr Adolph improperly influenced several of Deutsche’s Libor submissions in disregard of standards governing Libor submissions. Mr Adolph’s misconduct threatened the integrity of important benchmarks. He should have no further role in the financial services industry.”
