The Financial Conduct Authority (FCA) has handed Deutsche Bank AG (Deutsche Bank) a £227 million ($340 million) fine, its largest ever for LIBOR and EURIBOR-related (collectively known as IBOR) misconduct. The fine is so large because Deutsche Bank also misled the regulator, which could have hampered its investigation.

The investment bank misled the regulator, which could have hindered its investigation.

Here are the key points from the case:

1. Between January 2005 and December 2010, trading desks at the investment bank manipulated its LIBOR submissions across all major currencies.
2. The investment bank took far too long to produce vital documents requested by the regulator and moved far too slowly to fix relevant systems and controls.
3. The investment bank had inadequate systems in place to monitor LIBOR activity, even after being put on notice they still failed to routinely check for risk of misconduct.
4. The investment bank went on to provide the FCA with a false confirmation that its systems and controls in relation to LIBOR were adequate.
5. In error, the bank destroyed 482 records of telephone calls, which breached the FCA’s requirement that all such records are maintained.

The FCA has worked in conjunction with other regulators in the USA to investigate these failings. These regulators have also imposed further fines on the investment bank for the breaches described above.

This fine is the latest in a long line of regulatory action against firms for manipulating benchmark rates as a result of trader misconduct.

You can read all the detail of this case here. http://bit.ly/1DOCozH