European Financial Correspondent
Kirstin's Feed
Jul 21, 2015

Hayes Libor trial is no open-and-shut case, defence argues

LONDON, July 21 (Reuters) – The criminal trial of Tom Hayes,
the former trader charged with Libor rigging offences, is not an
open-and-shut case despite reams of written requests made by him
to others to influence interest rates, a London court heard on
Tuesday.

In his first speech to the jury as the high-profile trial
reaches its final stages, defending counsel Neil Hawes denied
Hayes was dishonest or had run a “Nuremberg Defence”, seeking to
avoid guilt by claiming to be acting on the orders of superiors.

Jul 21, 2015

Hayes has no-one to blame but himself, prosecutor tells Libor trial

LONDON (Reuters) – The prosecution in the trial of Tom
Hayes, the first person to face a jury on Libor-rigging charges,
said on Tuesday the former trader had only himself to blame for
finding himself on trial.

In his closing speech for the prosecution, lead counsel
Mukul Chawla told the London court that no-one had forced Hayes
to rig rates, get others to help manipulate rates, pay bribes or
make admissions in lengthy interviews with investigators.

Jul 15, 2015

Ex-Libor trader says made mistakes in interviews with investigators

LONDON (Reuters) – Tom Hayes, a former trader on trial on Libor manipulation charges, told a London court on Wednesday he had made mistakes and “educated guesses” during interviews with investigators while he was cooperating with Britain’s Serious Fraud Office (SFO) in 2013.

The 35-year-old former yen derivatives trader told the court it was wrong to assume he had been qualified to answer some of the questions he had responded to after his arrest in England in December 2012.

Jul 9, 2015

UK regulator drops case against London Whale trader

LONDON (Reuters) – Bruno Iksil, the former JPMorgan trader dubbed the London Whale for his outsized trades, has escaped a fine and possible industry ban in Britain after an investigation into a scandal that cost the bank $6.2 billion in 2012, his lawyers said on Thursday.

Iksil, whose former boss Javier Martin-Artajo and junior colleague Julien Grout have been charged with offences including securities fraud and conspiracy in the United States, was told on July 1 that the UK regulator would take no action against him.

Jul 8, 2015

Former trader Hayes ignored 2009 warning, Libor trial hears

LONDON, July 8 (Reuters) – Tom Hayes, the former trader on
trial on Libor interest rate rigging charges, told a London
court on Wednesday he ignored a 2009 warning to stop trying to
influence rates in part because he was pre-occupied with moving
jobs.

Prosecutors allege Hayes, a former star trader at UBS
and Citigroup, set up a network of brokers and
traders that spanned some of the world’s most powerful financial
institutions to rig Libor for profit, cheating counterparties.

Jul 7, 2015

Former trader Hayes wanted to do a perfect job, Libor trial hears

LONDON (Reuters) – Tom Hayes, the first person to face trial by jury over allegations he conspired to rig global Libor interest rates, told a London court on Tuesday he had not acted dishonestly and just wanted to do his job as “perfectly as he could”.

Taking the stand for the first time in the high-profile trial at Southwark Crown Court, the 35-year-old former UBS and Citigroup star trader said he had only admitted to wrongdoing in interviews with British officials because he wanted to avoid extradition to the United States.

Jul 7, 2015

Ex trader Hayes wanted to do job perfectly, Libor trial hears

LONDON, July 7 (Reuters) – Tom Hayes, the first person to
face trial by jury over allegations he conspired to rig global
Libor interest rates, told a London court on Tuesday he had not
acted dishonestly and just wanted to do a good job.

Taking the stand for the first time in the high-profile
trial at Southwark Crown Court, the 35-year-old former UBS
and Citigroup star trader said he had only
admitted to wrongdoing in interviews with British officials
because he wanted to avoid extradition to the United States.

Jun 24, 2015

Citi manager thought Hayes a ‘wide boy’, London Libor trial hears

By Kirstin Ridley

(Reuters) – Senior Citigroup manager Andrew Thursfield
said former trader Tom Hayes, on trial on Libor interest-rate
rigging charges, did not make a good impression on their first
meeting in London in 2009, a court heard on Wednesday.

Hayes met Thursfield and Citigroup treasury staff while on a
trip to London in October 2009 shortly after his appointment
with the company in Tokyo, the court heard.

Jun 23, 2015

Citigroup manager tried to get brokers to lower Libor in 2007, court hears

London (Reuters) – A senior manager at Citigroup tried to persuade British brokers to “talk down” benchmark Libor interest rates in 2007, a London criminal court heard on Tuesday.

Andrew Thursfield, head of Citigroup’s European risk treasury business, told the jury in the trial of former trader Tom Hayes that the U.S.-based bank had been able to borrow at rates below those posted on trading screens by brokerages.

Jun 18, 2015

Global Libor probe didn’t examine yen rates until 2010, court hears

LONDON (Reuters) – A U.S.-instigated investigation into alleged manipulation of benchmark Libor interest rates expanded from dollar rates to include yen rates only in late 2010, a London court heard on Thursday.

Steven Sletten, a lawyer from Gibson Dunn and Crutcher, told the jury in the trial of former UBS and Citigroup trader Tom Hayes that the Swiss-based bank received three subpoenas from the U.S. Commodity Futures and Trading Commission (CFTC) regulator between April 2011 and July 2012.

    • About Kirstin

      "Based in London, I cover European financial regulation, banking and legal stories. Before that, I was European Telecommunications Correspondent and have worked on assignments in countries such as Germany, Switzerland, Austria, Italy, Japan and Dublin."
    • Follow Kirstin