Deutsche Bank Libor fines: From hate to love - a tale of collusion

US and UK authorities published transcripts of emails, instant messages and phone calls between traders both inside and outside Deutsche Bank as they colluded to rig Libor and Euribor.

Below is a selection of some of the verbatim exchanges (including punctuation):

• In one instance of collusion with other panel banks, a series of exchanges took place, starting on Tuesday November 7 2006, between a manager at Deutsche and one external trader, who made a request for a low one-month and low three-month Euribor fix for the following Monday, November 13.

This resulted in a number of exchanges with traders at three other panel banks on the rate-setting panel, including this one: "Dude, I need a very low fixing on the 1m Monday…we have the whole world against us…".

On November 13 2006, which the manager at Deutsche described as "the big day", the manager and external trader at Deutsche had the following conversation:

Manager: "man, will you call [panel bank 2], please?"

Trader: "yes, and [panel bank 3]".

Manage: "don't tell them that it's for me, because they hate me".

Trader: "of course not".

Manager: "I am beeeeeeeeeegging you".

The trader sent the manager a copy of a reply from one of the other panel banks confirming they would comply. The manager replied: "I love you".

• In another exchange, in February 2007, a New York-based dollar trader asked: "LIBOR HIGHER TOMORROW?"

"shouldn't be," a dollar Libor submitter responded.

"COME ON. WE ALWAYS NEED HIGHER LIBORS !!! HAHA" the trader said.

"haha, i'll do my best fkcer," the submitter wrote.

• One conversation on August 10 2010 between a Deutsche Bank submitter and a colleague proved to be prescient. They were discussing a request by one of the bank's derivatives traders to put three-month sterling Libor "down a tick because he had a fixing".

Submitter: "But I said we've got stuff up about 15th September we need higher libors don't we?"

Colleague: "Yeah".

Submitter: "Yeah I said you know, he [the derivatives trader] said ok yeah just can you do it for me today…"

Colleague: "Right okay fine".

Submitter: "So I've moved it down a tick to 73 [0.73]…I've looked and I know we've got fixings on the 15th haven't we, of September. We want it higher, we want 3s high don't we".

Colleague: "We're going to get in trouble if we keep moving it up and down…"

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