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Former UBS Libor trader appeals FCA ban

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A former UBS derivatives trader will appeal an FCA ban after the regulator concluded he is not a “fit and proper person”.

The FCA wants to prohibit Arif Hussein, former head of UBS’s GBP Rates Desk, from any role in regulated financial services for allowing the bank’s trader submitters to make Libor submissions with the aim of benefiting UBS’s trading positions.

According to the FCA, between 28 January and 19 March 2009 Hussein engaged in 21 communications in which he informed UBS’s GBP trader-submitters of his preferences – or lack of preference – for GBP Libor rates.

Hussein’s preferences were based upon his trading positions, the regulator says.

It says: “During this period such communications were routine and they ended only when Mr Hussein resigned from UBS.

“Mr Hussein closed his mind to the risk that UBS’s GBP trader-submitters would use his preferences to influence the GBP Libor submissions they made on behalf of UBS, with the aim of benefiting his trading positions. In so doing, the FCA found that he acted recklessly and so lacks integrity.”

Hussein disputes the FCA’s decision and has referred the matter to the Upper Tribunal.

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