'Big Nose' and 'Lord Libor' stand trial

Nose

Former ICAP brokers known as 'big nose' and 'Lord Libor' helped Tom Hayes rig the London interbank offered rate “enthusiastically” over four years, prosecutors said on the first day of the second trial into benchmark manipulation.

Bloomberg News reports that the ICAP employees, Darrell Read and Colin Goodman, are among a half dozen brokers that are charged with manipulating the rate at a trial that started today in London.

Also in court is their former boss, Danny 'Blair' Wilkinson, and former employees at RP Martin Holdings and Tullett Prebon. All six have pleaded not guilty.

Hayes, who traded derivatives for UBS and Citigroup in Japan, was convicted August 3 of conspiring with others to defraud by manipulating yen Libor between 2006 and 2010, and sentenced to 14 years. He is appealing the conviction and the sentence.

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

Big Nose, Lord Libor Helped Hayes Rig Libor, Prosecutor Says

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