UK charges ex-UBS trader Hayes in Libor investigation

(Reuters) – Britain’s fraud prosecutor on Tuesday charged former UBS (UBSN.VX) and Citigroup (C.N) trader Tom Hayes with eight counts of conspiracy to defraud as it laid the groundwork for what could be the first Libor trial.  Hayes, 33, was arrested by London police and the Serious Fraud Office (SFO) last December as part of a global investigation, spanning North America, Europe and Japan, into the manipulation of benchmark interest rates.  Libor, the London interbank offered rate, is a crucial benchmark affecting hundreds of trillions of dollars of mortgages and other loans worldwide.  So far, U.S. and UK regulators have fined three banks, including Switzerland’s UBS, a total $2.6 billion for their role in the scandal.  Read Article

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