Libor-rigging case begins by naming banks

Marion Dakers
A STRING of the world’s biggest banks were yesterday named in charges against Tom Hayes, the first person to face prosecution in Britain for the rigging of key interest rate Libor.

Hayes, aged 33 and from Surrey, entered no plea for eight charges of conspiracy to defraud yesterday.

He was granted bail by Westminster Magistrates’ Court and is due to appear at Southwark Crown Court on 4 July.

Hayes, dressed in beige trousers and an open-neck shirt, only spoke to confirm his name, address, age and that he understood the proceedings.

The former UBS and Citigroup trader’s charges relate to his time at the Japanese units of the banks between August 2006 and September 2010.

The prosecution alleges that he conspired to manipulate rates with others at firms including UBS, JP Morgan, RBS, Deutsche Bank, Icap, RP Martin, Tullett Prebon, Rabobank, HSBC, Citi and others.

Tullett Prebon said yesterday it has not been told that it or any of its brokers are under investigation but that it is co-operating with enquiries.

Icap said an unnamed employee of one of its global broking units was referred to in the charges, but that neither the firm nor its subsidiaries have been charged and it continues to co-operate with the Serious Fraud Office.

None of the other banks would comment yesterday.

Hayes was arrested in December 2012 as part of the SFO’s probe into the rigging of the London Interbank Offered Rate, set by a panel of banks and used as a benchmark for trillions of pounds’ worth of loans.