There was nothing secret or subtle about how traders at Barclays tried to move the bank’s submission to an important benchmark interest rate in a way that helped their own positions, a former trader told a court Tuesday.
Bloomberg News reports that co-workers would yell and collectively discuss their desire to move the bank’s Euribor position for their own benefit, according to Carlo Palombo, who is on trial for his role in manipulating the benchmark rate. He testified that an email he’d sent requesting a low three-month rate was normal practice for someone in his role.
“That trader would turn around and shout to the whole team, ‘Today I need a low three month,’” Palombo, 40, said during his second day of testimony. “Then if people say ‘Me too, me too,’ and something like that, then a request like this could be made.”
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