This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/business/2013/jun/20/trader-tom-hayes-court-charged-libor-conspiracy
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Former trader Tom Hayes appears in court charged with rigging Libor | Former trader Tom Hayes appears in court charged with rigging Libor |
| (35 minutes later) | |
| Allegations about an interconnected web of financial firms involved in rigging Libor were raised in a London courtroom on Thursday when Tom Hayes, a former trader at Citigroup and UBS, was charged with conspiring to fix key interest rates with employees at eight other financial firms. | Allegations about an interconnected web of financial firms involved in rigging Libor were raised in a London courtroom on Thursday when Tom Hayes, a former trader at Citigroup and UBS, was charged with conspiring to fix key interest rates with employees at eight other financial firms. |
| The charges read out at Westminster magistrates court against Hayes, the only person so far charged by the Serious Fraud Office with Libor-rigging offences, alleged that he had variously conspired with Royal Bank of Scotland, JP Morgan Chase, Deutsche Bank, Rabobank, RP Martin, HSBC and Tullett Prebon to manipulate the rate. He is also alleged to have conspired with colleagues while working for UBS and Citigroup. | The charges read out at Westminster magistrates court against Hayes, the only person so far charged by the Serious Fraud Office with Libor-rigging offences, alleged that he had variously conspired with Royal Bank of Scotland, JP Morgan Chase, Deutsche Bank, Rabobank, RP Martin, HSBC and Tullett Prebon to manipulate the rate. He is also alleged to have conspired with colleagues while working for UBS and Citigroup. |
| Hayes, 33, appeared before Westminster magistrates court shortly after 10am on Thursday morning, speaking only to confirm his name and give an address in Caterham, Surrey. He sat as eight charges of conspiracy to defraud were read out. The charges were split between: August 2006 and December 2009, when Hayes worked for UBS Securities Japan; and December 2009 and September 2010, when he worked for Citigroup Global Markets Japan. | Hayes, 33, appeared before Westminster magistrates court shortly after 10am on Thursday morning, speaking only to confirm his name and give an address in Caterham, Surrey. He sat as eight charges of conspiracy to defraud were read out. The charges were split between: August 2006 and December 2009, when Hayes worked for UBS Securities Japan; and December 2009 and September 2010, when he worked for Citigroup Global Markets Japan. |
| Each of the charges alleged that Hayes had conspired to manipulate yen interbank offered rates and other, unspecified, interbank offered rates. These benchmark rates are commonly known as Libor – London interbank offered rate – rates as they are set in London. | Each of the charges alleged that Hayes had conspired to manipulate yen interbank offered rates and other, unspecified, interbank offered rates. These benchmark rates are commonly known as Libor – London interbank offered rate – rates as they are set in London. |
| Each of the charges claimed that alleged conspirators had procured or made submissions to Thomson Reuters "with the intention that the economic interests of others would be prejudiced and/or to make personal gain for themselves or another". | Each of the charges claimed that alleged conspirators had procured or made submissions to Thomson Reuters "with the intention that the economic interests of others would be prejudiced and/or to make personal gain for themselves or another". |
| Hayes, who wore chinos and a shirt, was asked to stand as bail conditions for his release were read out. These included residing at the same address in Caterham, surrendering his passport and undertaking not to leave the UK. Given the severity of the charges, the case was referred up to Southwark crown court for an initial hearing on 4 July. | Hayes, who wore chinos and a shirt, was asked to stand as bail conditions for his release were read out. These included residing at the same address in Caterham, surrendering his passport and undertaking not to leave the UK. Given the severity of the charges, the case was referred up to Southwark crown court for an initial hearing on 4 July. |
| On Tuesday of this week the SFO announced that Hayes had been charged with eight counts of conspiracy to defraud in setting Libor prices but did not disclose any further details before his appearance in court on Thursday. The SFO's investigation is ongoing. | On Tuesday of this week the SFO announced that Hayes had been charged with eight counts of conspiracy to defraud in setting Libor prices but did not disclose any further details before his appearance in court on Thursday. The SFO's investigation is ongoing. |
| So far the UK's City regulators have made announcements about fines for three banks – Barclays which was fined £290m a year ago, RBS which was fined £390m in February, and the Swiss bank UBS fined £940m in December – and these total fines are mainly penalties levelled by the US authorities. | So far the UK's City regulators have made announcements about fines for three banks – Barclays which was fined £290m a year ago, RBS which was fined £390m in February, and the Swiss bank UBS fined £940m in December – and these total fines are mainly penalties levelled by the US authorities. |
| The Financial Conduct Authority, which has replaced the Financial Services Authority, has said it is continuing to investigate four other financial firms but has not yet identified them. | |
| When the UBS fine was announced in December Hayes, a British national, was charged by the US authorities with conspiracy, wire fraud and an anti-trust violation. | When the UBS fine was announced in December Hayes, a British national, was charged by the US authorities with conspiracy, wire fraud and an anti-trust violation. |
| He was one of the three individuals arrested by the SFO in December as part of its investigation into Libor-rigging, which was sparked by the political row after the Barclays fine was announced last June. | He was one of the three individuals arrested by the SFO in December as part of its investigation into Libor-rigging, which was sparked by the political row after the Barclays fine was announced last June. |
| Hayes was charged at Bishopsgate police station on Tuesday. The other two were released on police bail. | Hayes was charged at Bishopsgate police station on Tuesday. The other two were released on police bail. |