He worked previously as an interbank currency trader and trading desk manager.
Joseph Trevisani is chief market analyst at online forex broker FX Solutions with 17 years of forex market experience, working previously as an interbank currency trader and trading desk manager.
The transactions also involved traders at some interbank brokers, including the Harlow subsidiary of Garban Intercapital and Tullett Liberty, which facilitate foreign currency trades between banks.
UBS agreed to pay the $1.5 billion fine in late 2012 to settle allegations that some of its traders had altered the London interbank offered rate, or Libor, and the euro interbank offered rate, or Euribor, to increase their own profits.
In a settlement with American and British authorities in June, Barclays agreed to pay fines totaling $450 million to resolve accusations that some of its traders had manipulated the London interbank offered rate, or Libor, for financial gain.
The traders who rigged the London interbank offered rate "understood that to the extent they increased their profits or decreased their losses in certain transactions from their efforts to manipulate rates, their counterparties would suffer corresponding adverse financial consequences with respect to those particular transactions," the Justice Department said.
Over a six-month period, federal officials said the five banks involved lost more than $650,000, of which $270,000 went to the traders at the banks and the interbank brokers who were involved.
The ruling also comes a year after Barclays was required to pay about $450 million for its role in a rate-rigging scandal after some of its traders tried to manipulate the London interbank offered rate, or Libor, for their own financial gain.
The Libor OIS spread measures the spread between the London Interbank Offered Rate for dollars over three months and what traders expect the Fed Funds target rate will be during the term of the contract.
We have seen global banks plead guilty and pay billions of dollars in penalties the last few years when traders have misreported interest rates to affect the London Interbank Offered Rate, or Libor.
