Former Rabobank Trader Banned From FCA Following LIBOR Fallout
- Mr. Stewart’s ban is the product of a string of allegations and verdict, "lacking honesty and integrity following a criminal conviction".

Lee Stewart has found himself on the outside of facing in, following a ban from the UK’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), according to a recent Reuters report.
Mr. Stewart was once a trader at Rabobank, having since been obstructed from participating in the UK’s financial services industry on the heels of a criminal conviction for London Interbank Offered Rate (LIBOR) fraud. The LIBOR scandal convulsed the financial services industry nearly two years ago, resulting in billions in fines – the rates themselves represent the key short-term rate banks charge each other for loans, influencing hundreds of trillions of dollars of financial products.
Earlier this year, the FCA also banned Paul Robson, another ex-trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), following a similar fraud conviction in the United States.
Mr. Stewart’s ban is the product of a tumultuous string of allegations and subsequent verdict, "lacking honesty and integrity following a criminal conviction for fraud in the United States for his role in a conspiracy to manipulate Rabobank's U.S. dollar Libor submissions,” per an FCA manifest.
The final injunction from the FCA against Stewart, marks the latest chapter in his plights with the UK regulator, who pleaded guilty back in March to numerous US charges to manipulate the LIBOR rate in the US.
According to the FCA communiqué, "To date the FCA has issued 14 warning notices related to interest rate benchmarks, and continues wider investigations into individuals' conduct in relation to LIBOR misconduct.”
"This ban further reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards," added FCA acting director of enforcement, Georgina Philippou in an accompanying statement.
Over the past few years, the UK watchdog has committed a substantial amount of resources to conduct a study on how financial industry participants are using benchmarks and what should be done to eliminate the worries which have been triggered by recent investigations into LIBOR, precious metals and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term benchmarks.
Lee Stewart has found himself on the outside of facing in, following a ban from the UK’s Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), according to a recent Reuters report.
Mr. Stewart was once a trader at Rabobank, having since been obstructed from participating in the UK’s financial services industry on the heels of a criminal conviction for London Interbank Offered Rate (LIBOR) fraud. The LIBOR scandal convulsed the financial services industry nearly two years ago, resulting in billions in fines – the rates themselves represent the key short-term rate banks charge each other for loans, influencing hundreds of trillions of dollars of financial products.
Earlier this year, the FCA also banned Paul Robson, another ex-trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), following a similar fraud conviction in the United States.
Mr. Stewart’s ban is the product of a tumultuous string of allegations and subsequent verdict, "lacking honesty and integrity following a criminal conviction for fraud in the United States for his role in a conspiracy to manipulate Rabobank's U.S. dollar Libor submissions,” per an FCA manifest.
The final injunction from the FCA against Stewart, marks the latest chapter in his plights with the UK regulator, who pleaded guilty back in March to numerous US charges to manipulate the LIBOR rate in the US.
According to the FCA communiqué, "To date the FCA has issued 14 warning notices related to interest rate benchmarks, and continues wider investigations into individuals' conduct in relation to LIBOR misconduct.”
"This ban further reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards," added FCA acting director of enforcement, Georgina Philippou in an accompanying statement.
Over the past few years, the UK watchdog has committed a substantial amount of resources to conduct a study on how financial industry participants are using benchmarks and what should be done to eliminate the worries which have been triggered by recent investigations into LIBOR, precious metals and foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term benchmarks.