Deutsche bond trader in court

A DEUTSCHE Bank bond salesman accused of illegal insider trading in the US market regulator’s first credit default swaps case neither broke securities law nor bank policy, his lawyer said in a closing statement at trial yesterday.

The SEC’s summation focused on trial evidence of phone calls between the defendants, who switched from recorded landlines to unrecorded mobile phones on 14 July and 17 July 2006, while discussions were under way about a 2006 transaction for Dutch media conglomerate VNU. VNU was taken private in 2006.