Convicted trader blamed other firms, trial hears

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Tom Hayes, the former UBS trader convicted of manipulating Libor, blamed his losses on other banks fixing the benchmark rate after a bad trading day in 2007, according to online chats shown at a London trial Wednesday.

Bloomberg News reports that the electronic chats were shown to jurors on the 12th day of the trial of half a dozen brokers accused of helping Hayes rig the London interbank offered rate, the benchmark used to value more than $350 trillion of loans and securities.

Hayes called Darrell Read, his broker at ICAP, on September 14, 2007, and asked him to skew rates ahead of the quarterly IMM date, an important day in financial markets when billions of dollars of futures and options positions settle.

'It’s IMM fix day', Read’s boss warned when Read passed on Hayes’s request internally. 'So assume we will see Libors skewed by various banks come 11 a.m'.

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

Tom Hayes Blamed Libor Losses on Other Banks Fixing the Rate

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