A former UBS and Citigroup trader has been found guilty of eight counts of conspiring to rig Libor and handed 14 years in jail.
Tom Hayes, a 35-year-old former yen derivatives trader, represents the first conviction over the manipulation of interest rates.
In a case brought by the Serious Fraud Office, prosecutors claimed Hayes asked rate setters and traders at UBS and several other banks, and external brokers, to move the rate up or down to benefit his trading positions.
“What this case has shown is the absence of that integrity that ought to characterise banking,” the judge told Hayes after a jury found him guilty on all of the eight charges he faced.
There are already two other trials in the SFO’s case scheduled to begin in the coming year, and the agency is also probing manipulation of forex rates.