Europe News

Former UK trader Hayes pleads 'not guilty' to Libor fraud charges

Tom Hayes, a former UBS and Citigroup trader, on Tuesday pleaded "not guilty" in a London court to charges that he had sought to manipulate Libor benchmark interest rates with peers from around 10 leading banks and brokerages.

The 34-year-old, who appeared alongside former RP Martin brokers Terry Farr and James Gilmour, has been charged with eight counts of conspiracy to defraud between 2006 and 2010 as part of a global inquiry stretching from the U.S. to Asia.

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(Read more: Banks hit with $2.3 billion rate-rigging fine)

Hayes, who last December was also charged with fraud-related offences by U.S. prosecutors, made his plea after an 11th-hour change of legal team.

Farr and Gilmour, who were arrested alongside Hayes in Britain last December and later also charged with conspiracy to defraud, also pleaded "not guilty".

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