Brevan Howard trader involved in Libor probe exits hedge fund

By IVCPOST Staff Reporter

Jun 28, 2013 10:22 AM EDT


On Thursday, hedge fund, Brevan Howard, disclosed that it lost a trader who is supposedly associated with a large scale rate-rigging scandal.

According to the company spokesperson, Max Hilton, Chris Cecere left Brevan Howard because of unknown personal reasons. Cecere who is from Citigroup Inc., became a part of the hedge fund's Geneva office about three years ago.

In 2011, yen-denominated Libor cost was found to be maneuvered by two Citigroup personnel.  Japanese regulators did not name the traders but a few sources acquainted with the incident identified one of them as Cecere.

Reuters had the chance to interview Cecere last year where he shared that he willingly left Citigroup with full bonus and denied that he was questioned by the regulators. However, on Thursday, when he was asked again by Reuters regarding the report, he was already out of reach.

The investigation on how traders were able to falsify crucial rates like the London interbank offered rate (Libor) continues since it is a public and political issue that needs to be solved immediately.

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