A former employee of the British brokerage firm Tullett Prebon Group made his first appearance in a London court on Tuesday in a criminal inquiry into the manipulation of a global benchmark interest rate, and he was released on bail.
Tullett Prebon has confirmed that the City watchdog is investigating its use of wash trades, or deals used purely to trigger a fee for the brokerage.
Big changes ahead.
Tullett Prebon has announced the appointment of John Phizackerley as an executive director and Chief Executive Officer of the Company, with effect from 1 September 2014.
The cost of hire has just gone up.
Terry Smith, the chief executive of Tullett Prebon and a prominent figure in London's financial circles, could leave the interdealer broker as early as the end of June, a source familiar with situation told Reuters on Tuesday.
British interdealer broker Tullett Prebon said on Friday it would cut costs and trim headcount as challenging market conditions continued to weigh on its business, sending revenue 12% lower in the first four months of the year.
A former broker at Tullett Prebon said in a lawsuit over his firing that he never tried to manipulate Libor rates, calling messages with a UBS banker 'misleading'.
Shares in Tullett Prebon fell nearly 6% on Friday after unconfirmed reports that conversations involving a broker at the firm had been cited by regulators investigating Libor fixing allegations.