Three former Barclays traders appeared in a London court on Tuesday as Britain formally began its first criminal proceedings against U.S.-based Libor traders, part of a global investigation into alleged rigging of benchmark interest rates.
Reuters reports that the Serious Fraud Office (SFO) alleges that Jay Merchant, 43, a director of dollar fixed-income swaps, and interest rate derivative traders Alex Pabon and Ryan Reich, aged 35 and 32 respectively, conspired together and with others to defraud Barclays and its entities between 2005 and 2007.
The men, who spoke only to confirm their names and dates of birth, were ordered to appear before a higher Crown Court on Thursday.
Lawyers for Reich and Merchant have said their clients deny any allegations of wrongdoing. Pabon's lawyer declined comment.
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