Tom Hayes in court on Libor-fixing charges

 
Marion Dakers

THE FIRST person to face charges in Britain for Libor-rigging appeared in court in central London this morning.

Tom Hayes, aged 33 and from Surrey, entered no plea for the eight charges of conspiracy to defraud. 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 and age and that he understood the proceedings.

He was told by the magistrate to take his hands out of his pockets, and when he sat down he kept his arms crossed throughout the 15-minute hearing.

The former UBS and Citigroup trader’s charges relate to his time at the two banks between August 2006 and September 2010. The court said he worked for UBS Securities Japan and Citigroup Global Markets Japan during the period.

The prosecution alleges that he conspired with others working for banks and financial firms including UBS, JP Morgan, RBS, Deutsche Bank, ICAP, RP Martin, Tullett Prebon, Rabobank, HSBC, Citi and others.

Hayes was arrested in December 2012 along with two others as part of the Serious Fraud Office’s investigation into the manipulation of the London Interbank Offered Rate.

picture credit: Reuters