Former UBS Trader Challenges Bar Over Libor Misconduct

LONDON — A former UBS derivatives trader said on Thursday that he would fight an effort by the Financial Conduct Authority of Britain to bar him from the financial services industry for misconduct related to the setting of a global benchmark interest rate known as Libor.

The trader, Arif Hussein, says the regulator ignored crucial evidence in the case and relied on information provided by UBS’s lawyers, who conducted an internal investigation into potential manipulation of the London interbank offered rate, or Libor.

Mr. Hussein has challenged the Financial Conduct Authority’s decision before the Upper Tribunal, an administrative court in Britain. The tribunal will determine whether the Financial Conduct Authority can proceed with the ban or direct it to reconsider the decision.

Read on.

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