A former ICAP broker charged with conspiracy to manipulate benchmark yen interest rates told a London criminal court earlier this week that 1,000 rate predictions he had sent out over four years had only ever reflected his honest opinion.
Reuters reports that Colin Goodman, 53, said he spent 20% of his time as a middleman to banks trading yen and compiled a daily email before 7 am in London for his bank clients in which he predicted where he saw yen Libor rates set at around 11 am London time. This helped him earn the nickname "Lord Libor", he said.
The prosecution alleges Goodman, one of six former ICAP, RP Martin and Tullett Prebon brokers charged with helping convicted derivatives trader Tom Hayes rig Libor, "skewed" his predictions to favour Hayes's trading position in the hope banks that help set Libor rates would follow his lead "like sheep".
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