Former UBS and Citigroup trader charged over Libor manipulation

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Former UBS and Citigroup trader Tom Hayes has today been charged with conspiracy to defraud in connection with the Serious Fraud Office’s investigation into the manipulation of Libor.

Hayes, 33, of Surrey was one of the three individuals arrested on 11 December by officers from the SFO and City of London Police. 

He attended Bishopsgate police station this morning where he was charged by City of London Police with eight counts of conspiracy to defraud. 

Hayes will appear before Westminster Magistrates’ Court at a later date.

The SFO’s investigation into the manipulation of Libor continues.

In July, Barclays was fined £290m by US and UK regulators for its role in the rate-rigging scandal.

In December, UBS was fined £940m by UK, Swiss and US regulators over its role in fixing Libor and Euribor, while UK and US regulators fined Royal Bank of Scotland £390m for manipulating Libor in February.

Earlier this month, the Financial Times reported Brussels plans to strip London of its oversight of Libor and hand it to the European Securities and Markets Authority, which is based in Paris.

This comes despite the Financial Conduct Authority’s review into Libor which set out 10 recommendations to improve the system.