Former UBS boss of accused in Libor trial said 'asked for higher rates'

The former boss of Tom Hayes asked a colleague at his employer UBS to ensure the bank kept Libor interest rates high in 2007, Southwark Crown Court in London heard. Hayes is on trial on charges of manipulating Libor rates.

Reuters reports that Yugo Matsumoto, a former Tokyo-based trader, contacted colleague Rolf Keiser to say senior manager Michael Pieri had asked for Libor rates, intended to reflect the rate at which banks lend to each other in different currencies over varying time frames, to be kept high, the court heard on Thursday.

Such a strategy is alleged to have been intended by traders to benefit their trading positions.

'I had Mike Pieri around asking if we can keep 3m (three-month rates) and 6m (six month) high for next week or so', he wrote on an internal UBS messaging system.

To access the complete Reuters article hit the link below:

Hayes's ex-boss Pieri asked for high Libor rates, London court hears

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