Three traders deny Libor-rigging charges

20 Dec, 2013

Terry Farr, James Gilmour and Tom Hayes have pleaded not-guilty to manipulating Libor at a London hearing.

Mr Hayes was originally a trader at Citigroup and UBS.

Amongst eight charges against him, Hayes denies devising with staff from other banks to fix Libor.

Libor is the average interest rate that banks in London would be charged if borrowing from other banks.

This is not a standalone case, this month alone the European Union fined eight banks a total £1.4bn for participating in illegal conduct to rig Libor.

 

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