LIBOR
Judicial system needs ‘shake-up’ after trader convictions, says Sir David Davis
As published by the Standard Conservative MP Sir David Davis has said the judicial system “needs a shake-up” after describing the convictions of two former financial market traders as a “major scandal”. Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed […]
Judge in Tom Hayes rate ‘rigging’ case accused of conflict of interest
One of the three judges who rejected the appeal of Tom Hayes against his interest rate “rigging” charges failed to declare a conflict of interest, the former trader’s legal team has claimed. Karen Todner, Hayes’s solicitor, has written to the Court of Appeal asking for “an explanation” after she discovered that Mr Justice Bryan previously […]
Hayes appeal: British and US courts ‘left on different wavelengths’
As published by the Times Every morning, 16 banks across the City of London and Canary Wharf had to answer a question: “At what rate could the bank borrow funds by asking for and accepting inter-bank offers in a reasonable market size just prior to 11am?” This unwieldy “Libor question” bears repeating in any analysis […]
David Davis MP signs letter on the LIBOR scandal
As published in the Times Letters to the Editor Sir, We read with concern the excerpts of Andy Verity’s book on the Libor/Euribor interest rate “rigging” scandal serialised in The Times (May 22-24). In the UK nine junior and mid-level traders were given lengthy prison sentences for seeking to commercially influence the Libor/Euribor benchmarks. Their conduct, however, […]
