Trader to face trial in rate-rigging case

Trader to face trial on conspiracy charges in rate-rigging case

Associated Press
Trader to face trial in rate-rigging case
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Former UBS trader Tom Hayes is surrounded by members of the media as he leaves the Westminster Magistrates court, in London, Thursday, June 20, 2013. 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, 33, 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 costs for the borrowing for houses, cars and other consumer items. (AP Photo/Lefteris Pitarakis)

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 costs 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 entities, including Citigroup Global Markets Japan Limited, UBS AG, Deutsche Bank AG, ICAP, UBS Securities Japan Limited, JP Morgan Chase and Co., Royal Bank of Scotland Group, RP Martin Holdings Limited, Tulley Prebon PLC, Rabobank and HSBC.

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