Trader says efforts to move Libor had no impact on profits

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Tom Hayes, the first trader to stand trial for rigging Libor, said his efforts to influence the rate over four years were ultimately unsuccessful.

Bloomberg reports that Hayes, who worked at UBS and Citigroup in Japan, said analysis he has conducted since being fired in 2010 showed that there was no correlation between his personal profits and movements in yen Libor.

'The outcomes' of my requests 'over the whole population of data was totally random', Hayes, 35, told jurors during his second week of testimony in London Thursday. 'I had no influence'.

Hit the link below to access the complete Bloomberg article:

Hayes Says His Efforts to Move Libor Had No Effect on Profits

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