Traders and brokers plead not guilty in first Libor prosecutions

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Tom Hayes, a former trader at UBS and Citigroup pleaded not guilty to conspiring to manipulate Libor in the first prosecution stemming from a global investigation into rate rigging.

Bloomberg News reports that two former RP Martin Holdings brokers, Terry Farr and James Gilmour, also pleaded not guilty to related charges at a London court Tuesday. The trio, who are being prosecuted by the U.K. Serious Fraud Office, are the first to enter pleas in the case.

More than a half dozen finance firms, including Barclays and UBS, have been fined a total of about $6bn since June 2012 for manipulating the London interbank offered rate, or Libor. Authorities around the world are probing whether traders worked together to fix Libor, meant to reflect the rate at which banks lend to each other, to benefit their own trading positions.

The case has led to investigations of alleged abuses of other financial benchmarks by companies that play a central role in setting them. This year, regulators have opened probes into the setting of the daily ISDAfix swap rates, the WM/Reuters currency rates and precious metal benchmarks.

To access the complete Bloomberg article hit the link below:

Ex-UBS Trader Hayes Pleads Not Guilty Over Libor Rigging

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