Former trader Hayes found guilty in world's first trial

Ben Bassey 15:41 - 03 August 2015

Former trader Hayes found guilty in world's first Libor trial

The London trial that kicked off on May 26, marks a new phase in a seven-year, global inquiry that has seen 21 people charged and some of the world's most powerful banks and brokerages pay around $9 billion in regulatory settlements.

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.