European Financial Correspondent
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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.

Jun 17, 2015

Libor trial hears Hayes just wanted to do a good job

LONDON, June 17 (Reuters) – Tom Hayes, the British trader on
trial in London on Libor interest rate rigging charges, just
wanted to do a “really good job”, according to evidence
presented to a London court on Wednesday.

The former UBS and Citigroup yen
derivatives trader is charged by Britain’s Serious Fraud Office
(SFO) with eight counts of conspiracy to defraud between August
2006 and September 2010, a criminal offence that carries a
maximum jail sentence of 10 years.

Jun 17, 2015

Libor accused Hayes just wanted to do a good job, court hears

LONDON (Reuters) – Tom Hayes, the British trader on trial in London on Libor interest rate rigging charges, just wanted to do a “really good job”, according to evidence presented to a London court on Wednesday.

The former UBS and Citigroup yen derivatives trader is charged by Britain’s Serious Fraud Office (SFO) with eight counts of conspiracy to defraud between August 2006 and September 2010, a criminal offense that carries a maximum jail sentence of 10 years.

Jun 16, 2015

Broking market like “Wild West”, London Libor trial told

LONDON, June 16 (Reuters) – Tom Hayes, a former trader on
trial in London for alleged interest rate rigging, described the
broking market he worked in as the “Wild West” with no rules and
where relationships relied on lavish entertainment, a court
heard on Tuesday.

The court was told that this was also a high-pressure
environment, which took its toll on Hayes, prompting him to
threaten brokers and pick fights with colleagues in his efforts
to move interest rates to aid his trading.

Jun 11, 2015

Hayes’s ex-boss Pieri asked for high Libor rates, London court hears

LONDON (Reuters) – The former boss of Tom Hayes asked a colleague at his employer UBS to ensure the Swiss-based bank kept Libor interest rates high in 2007, Southwark Crown Court in London heard. Hayes is on trial on charges of manipulating Libor rates.

Yugo Matsumoto, a former Tokyo-based trader, contacted colleague Rolf Keiser to say senior manager Michael Pieri had asked for Libor rates, intended to reflect the rate at which banks lend to each other in different currencies over varying time frames, to be kept high, the court heard on Thursday.

Jun 9, 2015

Barclays told bank lobby to ensure Libor reflected reality, court hears

LONDON, June 9 (Reuters) – A senior Barclays
executive told a British bank industry lobby overseeing Libor
benchmark interest rates to start “bilateral conversations” with
banks in 2008 to ensure rates reflected market reality, a London
court heard on Tuesday.

The trial of Tom Hayes, a former yen derivatives trader
accused of alleged benchmark interest rate rigging, has already
revealed that the British Bankers’ Association lobby group was
concerned that banks were distorting or lowballing Libor during
the 2007-2008 financial crisis to allay solvency fears.

Jun 9, 2015

British bank trade body not best suited to run Libor, court hears

LONDON, June 9 (Reuters) – The British Bankers’ Association
was probably not the best organisation to oversee the Libor
interest rate benchmark, the banking industry trade group’s
former head of Libor said at a London trial on Tuesday.

The BBA had been in charge of the London interbank offered
rate or Libor benchmark that helps to price around $450 trillion
of financial contracts worldwide.

Jun 3, 2015

Brokers were “tool in my armoury” for ex-trader Hayes, court told

LONDON (Reuters) – Tom Hayes, the first trader to face a jury trial over alleged Libor rate-rigging offences, told British investigators brokers in other firms became “a tool in my armoury” when they offered to help move rates for him, a London court heard on Wednesday.

The former UBS (UBS.N: Quote, Profile, Research, Stock Buzz) and Citigroup (C.N: Quote, Profile, Research, Stock Buzz) trader, on trial at Southwark Crown Court, also told investigators from Britain’s Serious Fraud Office (SFO) that market abuse had been rife and that senior UBS managers must have known what was going on.

    • 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."
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