Brokers accused of helping Hayes rig Libor

Pointing The Finger

Brokers at ICAP and RP Martin Holdings agreed to help Tom Hayes rig Libor from the moment he started trading derivatives at UBS, prosecutors said.

Bloomberg News reports that Darrell Read and Terry Farr began leaning on traders at banks to submit favourable rates on behalf of convicted UBS trader Tom Hayes in the fall of 2006, according to electronic chats presented to jurors on the second day of the trial in London.

'Do me a favour today and get Libors right up', Hayes asked Farr, a former RP Martin broker, on a chat from Hayes’s very first day trading at the bank in September 2006. 'Higher in 6m mainly'.

'I’ll do what I can', Farr replied.

The two men are on trial in London with four other brokers who prosecutors say helped Hayes rig the London interbank offered rate. 

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

Brokers Part of Hayes Libor Scheme From Day One, Prosecutor Says

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