RP Martin

16 Martinmas 2014
RP is currently in the news as the subject of a takeover bid from US firm BGC, however is perhaps more commonly known for its part in the LIBOR rigging scandal earlier this year.

Employees brought dishonour to Martins worldwide by showing no regard for the regulator's procedures and RP Martin was subsequently fined $2.3m.

However some face was saved in that the rigging was carried in exchange for beer, sandwich lunches, and even entertainment in Las Vegas. One can only speculate on the form of entertainment.

In a series of lurid phone calls, whose transcripts were published by the regulators, the UBS trader explains to one RP Martin broker on September 18 2008, as the collapse of Lehman Brothers roiled financial markets, how the wash trades would work: “Have you got any mates, mate, who’ll do you like a net trade and I could like, you know, basically give you like f***ing, I don’t know, a trillion three-month Libor/Tibor and take back a trillion three-month Libor/Tibor and obviously, you’re net it with the other guy.”



''“That’s excellent,” the broker replied. ''