Ex-UBS trader admitted to 'price fixing'

Former UBS trader Thomas Hayes told prosecutors two years ago that his attempts to rig benchmark interest rates amounted to 'price fixing'.

'There was one occasion where there was a very deliberate attempt by me and a guy at' Deutsche Bank, to coordinate strategies, Hayes said in a 2013 recording played to a London jury Monday. 'We agreed to keep our Libors high and then low. That is basically price fixing, as the U.S. like to call it'.

Bloomberg News reports that Hayes, 35, is accused of eight counts of conspiracy to manipulate the London interbank offered rate, the benchmark used to value more than $350tril of loans and securities, from 2006 through September 2010.

The former trader, who worked at banks including UBS and Citigroup, has pleaded not guilty.

To access the complete Bloomberg News article hit the link below:

Hayes Admitted to ‘Price Fixing’ With Gollum in Libor Rig Scheme

Morgan Stanley Private Wealth-Management Head Benedict Leaves

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News