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Libor trial: jury considers verdict in Tom Hayes case Libor trial: jury considers verdict in Tom Hayes case
(about 1 hour later)
The jury in the trial of former trader Tom Hayes, who is charged with eight counts of conspiracy to defraud by manipulating global Libor interest rates, has retired to consider its verdict.The jury in the trial of former trader Tom Hayes, who is charged with eight counts of conspiracy to defraud by manipulating global Libor interest rates, has retired to consider its verdict.
Hayes, a 35-year-old former UBS and Citigroup yen derivatives trader based in Tokyo, denies conspiring to rig the London interbank offered rate (Libor), a benchmark for $450tn 9£290tn) of financial contracts and loans worldwide, between 2006 and 2010.Hayes, a 35-year-old former UBS and Citigroup yen derivatives trader based in Tokyo, denies conspiring to rig the London interbank offered rate (Libor), a benchmark for $450tn 9£290tn) of financial contracts and loans worldwide, between 2006 and 2010.
The Serious Fraud Office (SFO) alleges Hayes set up a network of brokers and traders that spanned 10 of the world’s most powerful financial institutions, cajoling and at times bribing them to help rig rates – designed to reflect the cost of interbank borrowing – for profit.The Serious Fraud Office (SFO) alleges Hayes set up a network of brokers and traders that spanned 10 of the world’s most powerful financial institutions, cajoling and at times bribing them to help rig rates – designed to reflect the cost of interbank borrowing – for profit.
Hayes, who was diagnosed with mild Asperger syndrome just before his trial in London began, has said he was transparent about trying to influence rates and that his managers were aware of and condoned trading methods that were common industry practice.Hayes, who was diagnosed with mild Asperger syndrome just before his trial in London began, has said he was transparent about trying to influence rates and that his managers were aware of and condoned trading methods that were common industry practice.
He denied dishonesty, said he had received no training and that Libor was at the time unregulated. He also said his requests for higher or lower rates fell within a “permissible” range and he left a trail of emails and computer chats because he did not think he was doing anything wrong.He denied dishonesty, said he had received no training and that Libor was at the time unregulated. He also said his requests for higher or lower rates fell within a “permissible” range and he left a trail of emails and computer chats because he did not think he was doing anything wrong.
During 82 hours of interviews with SFO investigators in the months following his arrest in December 2012, Hayes admitted dishonesty. But he told the court this month he only did so to ensure he would be charged in Britain and avoid extradition to the US, where he also faces fraud-related charges.During 82 hours of interviews with SFO investigators in the months following his arrest in December 2012, Hayes admitted dishonesty. But he told the court this month he only did so to ensure he would be charged in Britain and avoid extradition to the US, where he also faces fraud-related charges.
Hayes subsequently withdrew from a cooperation agreement with the SFO and in December 2013 pleaded not guilty.Hayes subsequently withdrew from a cooperation agreement with the SFO and in December 2013 pleaded not guilty.
Summing up the nine-week case to the 12 jurors at Southwark crown court, judge Jeremy Cooke told them the central issue they had to decide was whether Hayes had acted dishonestly “by the standards of reasonable, honest members of society”.Summing up the nine-week case to the 12 jurors at Southwark crown court, judge Jeremy Cooke told them the central issue they had to decide was whether Hayes had acted dishonestly “by the standards of reasonable, honest members of society”.
“Not by the standards of the market in which he operated, if different [from those of reasonable and honest people]. Not by the standards of his employers or colleagues, if different. Not by the standards of bankers or brokers in that market … even if many or even all regarded it as acceptable,” the judge said.“Not by the standards of the market in which he operated, if different [from those of reasonable and honest people]. Not by the standards of his employers or colleagues, if different. Not by the standards of bankers or brokers in that market … even if many or even all regarded it as acceptable,” the judge said.
He also told them that they should focus on Hayes alone, not on others who might have been involved in rigging Libor.He also told them that they should focus on Hayes alone, not on others who might have been involved in rigging Libor.
“Do not concern yourself with others who may or may not be prosecuted, whether or not there was or was not a more general endemic problem in the market at the time of which they were or were not part.” he said. “Do not concern yourself with others who may or may not be prosecuted, whether or not there was or was not a more general endemic problem in the market at the time of which they were or were not part,” he said.