A former trader in Rabobank's Tokyo office testified on Thursday against two former colleagues, citing a 'culture' among the bank's traders of manipulating Libor to benefit their own trading positions.
Yagami, 44, pleaded guilty to conspiracy to commit wire fraud and bank fraud last year and is cooperating with prosecutors.
He testified that beginning in 2006, he routinely asked another trader, Paul Robson, to submit interest rates that would affect Libor.
Yagami said he felt comfortable making the requests because, since joining Rabobank in 2000, he had become aware of a group of senior traders doing the same thing and 'wanted to be part of that group'.
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