Libor was "nothing special" and of "negligible importance" to one of the ex-Barclays traders on trial on charges of conspiracy to manipulate the global financial benchmark, a London court heard on Monday.
Reuters reports that Greek-born Stylianos Contogoulas, 44, is one of five men on trial for conspiracy to defraud by manipulating U.S. dollar Libor rates between June 2005 and September 2007. The London interbank offered rate (Libor) is a benchmark for about $450tril of financial contracts worldwide, from complex derivatives to student loans.
His lawyer John Ryder told the court Contogoulas was instructed by his boss early in his career that he would be asked to pass on requests regarding the Libor rate from traders in New York to submitters in London.
"Libor was of negligible importance to him," Ryder told the jury at Southwark Crown Court. "He wasn't a submitter."
"He had received no training with regards to it. Any reference to Libor had only been made in general terms. It was nothing special, absolutely nothing special," Ryder said.
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