Libor trio plead not guilty to trying to manipulate the rate

City A.M. Reporter
THE FIRST three men to face trial in connection with a global investigation into Libor-rigging pleaded not guilty at Southwark Crown Court yesterday.

Tom Hayes, a former UBS and Citigroup trader, has been charged with eight counts of conspiring with staff from at least 10 major banks and brokerages to manipulate the London Interbank Offered Rate benchmark between 2006 and 2010.

Terry Farr and James Gilmour, former RP Martin brokers who were arrested alongside Hayes last December and later also charged with two and one count of conspiracy to defraud respectively by the Serious Fraud Office, also pleaded not guilty.

All three are on bail.

The pleas pose a challenge to SFO head David Green, who has staked his reputation on the success of high-profile investigations such as the sprawling investigation into the manipulation of benchmarks such as Libor.

Hayes’ trial will begin in January, while Farr and Gilmour will be tried later in the year.

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