BBC News reports that Hayes has pleaded not guilty to the eight counts of conspiracy to defraud.
Libor, which stands for London Interbank Offered Rate, is the agreed rate at which large banks charge each other for borrowing.
Hayes is the first trader to be tried by a jury for Libor manipulation.
The Serious Fraud Office alleges that Mr Hayes, from Fleet, Hampshire, corralled and bribed traders across 10 banks into manipulating the rate.
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