Trader fined over Gilt-rigging

摘要

Britain's financial watchdog has fined former Credit Suisse bond trader Mark Stevenson £662,700 in its first enforcement action for manipulating the £7.2trn UK government bond market. The financial conduct authority said it had also banned Stevenson from the industry for ramping up the price of a bond in the hope of creaming off a bigger profit during a Bank of England bond-buying operation on October 10. The FCA said Stevenson, who has nearly 30 years' experience, intended to sell his £1.2bn holding to the Bank of England for an artificially high price. The central bank's bond-buying programme, known as quantitative easing, involved the Bank purchasing UK government bonds to stimulate markets and boost the economy.