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Libor rate-rigging scandal trader pleads not guilty Libor rate-rigging scandal trader pleads not guilty
(about 3 hours later)
A former UBS and Citigroup trader has pleaded not guilty in a London court to charges that he had sought to manipulate Libor benchmark interest rates with employees from around 10 leading banks and brokerages.A former UBS and Citigroup trader has pleaded not guilty in a London court to charges that he had sought to manipulate Libor benchmark interest rates with employees from around 10 leading banks and brokerages.
Tom Hayes, 34, appeared alongside the former RP Martin brokers Terry Farr and James Gilmour at Southwark crown court. He has been charged with eight counts of conspiracy to defraud between 2006 and 2010 as part of a global inquiry stretching from the US to Asia.Tom Hayes, 34, appeared alongside the former RP Martin brokers Terry Farr and James Gilmour at Southwark crown court. He has been charged with eight counts of conspiracy to defraud between 2006 and 2010 as part of a global inquiry stretching from the US to Asia.
Hayes, whom US prosecutors last December charged with fraud-related offences, made his plea after an 11th-hour change of legal team.Hayes, whom US prosecutors last December charged with fraud-related offences, made his plea after an 11th-hour change of legal team.
Farr and Gilmour, who were arrested alongside him in Britain last December, and who were later charged with conspiracy to defraud, also pleaded not guilty.Farr and Gilmour, who were arrested alongside him in Britain last December, and who were later charged with conspiracy to defraud, also pleaded not guilty.
UBS was fined $1.5bn (£920m) by regulators last December in connection with the Libor investigations. It and Citigroup declined to comment when contacted by Reuters.UBS was fined $1.5bn (£920m) by regulators last December in connection with the Libor investigations. It and Citigroup declined to comment when contacted by Reuters.
The three Britons are the first suspects to face trial in the Libor inquiry into whether traders manipulated rates including the Libor inter-bank lending rate, against which around $400tn worth of products, from derivatives to mortgages, are priced worldwide.The three Britons are the first suspects to face trial in the Libor inquiry into whether traders manipulated rates including the Libor inter-bank lending rate, against which around $400tn worth of products, from derivatives to mortgages, are priced worldwide.
US and European authorities have fined 10 banks and brokerages $6bn to date and charged seven men with criminal offences in connection with rate-rigging. In an effort to restore faith in the financial services industry, regulators are also now investigating how other benchmarks are set, such as those in foreign exchange and swaps markets. US and European authorities have fined 10 banks and brokerages $6bn (£3.7m) to date and charged seven men with criminal offences in connection with rate-rigging. In an effort to restore faith in the financial services industry, regulators are also now investigating how other benchmarks are set, such as those in foreign exchange and swaps markets.
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