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| Trader Tom Hayes has Libor rate-rigging sentence cut to 11 years | |
| (35 minutes later) | |
| Former City trader Tom Hayes has had his jail sentence for rigging global Libor interest rates cut to 11 years. | Former City trader Tom Hayes has had his jail sentence for rigging global Libor interest rates cut to 11 years. |
| The Court of Appeal in London considered mitigating factors including his diagnosis for Asperger's Syndrome, a condition on the autism spectrum. | The Court of Appeal in London considered mitigating factors including his diagnosis for Asperger's Syndrome, a condition on the autism spectrum. |
| He was previously sentenced in August to 14 years in prison for conspiracy to defraud. | He was previously sentenced in August to 14 years in prison for conspiracy to defraud. |
| Hayes was the first person to face a jury trial for manipulating the rate. | Hayes was the first person to face a jury trial for manipulating the rate. |
| Libor is used as a benchmark for trillions of pounds of global borrowing and lending. | Libor is used as a benchmark for trillions of pounds of global borrowing and lending. |
| Many of the world's leading banks have paid heavy financial penalties for tampering with the benchmark. | Many of the world's leading banks have paid heavy financial penalties for tampering with the benchmark. |
| Analysis: Kamal Ahmed, BBC business editor | |
| The final sentence in the Appeal Court judgement on the Tom Hayes case is the one that carries significant weight. | |
| It will serve as a wake-up call to any in the City that may still believe financial crime is somehow not as serious as other crimes. | |
| Or, that because the rules were arguably unclear, the guilt of those involved is debatable. | |
| "This court must make clear to all in the financial and other markets in the City that conduct of this type will result in severe sentences of considerable length," the three Appeal Court judges said. | |
| Yes, Hayes had his sentence reduced slightly, but the court appears to want to make it clear that long sentences for manipulating markets - above the 11 years finally settled on here - could well be handed down in the future. |