Tom Hayes, a former UBS and Citigroup trader, was found guilty of charges of conspiracy to defraud on Monday as a jury delivered its verdict in the first trial of a defendant accused of Libor interest rate rigging.

Hayes, a 35-year-old former yen derivatives trader, faces up to 10 years in jail for each count of conspiracy over the manipulation of the London interbank offered rate (Libor), a crucial benchmark for around $450 trillion of financial contracts and consumer loans, between 2006 and 2010.