Former Trader Goes on Trial in UK for Market Manipulation

May 26, 2015 12:31 PM

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A British prosecutor says a former Citibank and UBS trader motivated by greed served as the ringmaster of the alleged manipulation of a key interest rate, the London Interbank Lending Rate, or Libor.

The charges against trader Tom Hayes, who specialized in products pegged to yen-denominated Libor, relate to the period from August 2006 to September 2010. He is charged with conspiring with employees from other leading institutions.

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