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| Trader fined £660,000 for rigging UK bond market | |
| (35 minutes later) | |
| Regulators have fined a trader more than £660,000 for deliberately manipulating the UK bond market. | |
| Mark Stevenson has also been banned from all city trading for life. | |
| He tried, unsuccessfully, to sell a £1.2bn holding to the Bank of England at an artificially high price during its quantitative easing purchases on 10 October 2011. | |
| The Financial Conduct Authority (FCA) described his conduct as "particularly egregious". | The Financial Conduct Authority (FCA) described his conduct as "particularly egregious". |
| "Stevenson's abuse took advantage of a policy designed to boost the economy with no regard for the potential consequences for other market participants and, ultimately, for UK tax payers," said Tracey McDermott, the FCA's director of enforcement. | |
| By increasing his holding in the relevant gilt on the day the Bank was due to purchase more government bonds, the experienced trader knew he would artificially increase its price, the FCA said. | |
| The unusual trading was reported within 40 minutes and the Bank decided not to buy that gilt as part of QE. | |
| Mr Stevenson agreed to settle at an early stage of the investigation, qualifying for a 30% discount, the FCA added. |