'I thought about it and I shouldn't have asked you, sorry mate'


Tom Hayes, a former trader accused of conspiring to rig benchmark interest rates, abandoned an attempt to enlist his step brother into the alleged scam after deciding it was wrong to ask for his help, a London court heard on Wednesday.

Reuters reports that on the second day of the world's first jury trial of an individual charged with benchmark rate-rigging offences, Southwark Crown Court was played a recording of a phone call between Hayes, a former UBS and Citigroup trader, and former HSBC trader Peter O'Leary.

Hayes, 35, painted by prosecutors as a ringleader in a conspiracy involving around 25 staff at 10 of the world's largest banks and brokerages to rig rates for profit, asked O'Leary to persuade an HSBC colleague to help lower Libor rates.

'If you get to know him, would be a massive help to me', the court heard Hayes saying. 'Got $1.0m of risk ... If ... it (the Libor rate) moves by a basis point, for my fix that's worth 125k plus'.

'I thought about it and I shouldn't have asked you, sorry mate', Hayes later tells O'Leary. 'It's wrong of me to ask you a favour'.

To access the complete Reuters article hit the link below:

Ex-trader dropped plan to recruit step brother in London Libor case

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