Trader to face trial in rate-rigging case

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Associated Press

Posted on June 20, 2013 at 8:02 AM

Updated Thursday, Jun 20 at 8:02 AM

LONDON (AP) — A British court has ruled that a former Citibank and UBS trader will face trial on conspiracy charges in the rigging of a key loan rate.

Trader Tom Hayes appeared in Westminster Magistrates Court on Thursday on charges related to the manipulation of the London interbank lending rate, or LIBOR. The rate underpins loans and indirectly affects the cost of borrowing for houses, cars and other consumer items.

The charges relate to the period August 2006 to September 2010.

The 33-year-old is accused of conspiring with employees from other leading institutions, including Deutsche Bank, UBS, JP Morgan Chase, Royal Bank of Scotland Group and HSBC.

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