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Hayes' personal profit considerations ‘polluted’ Libor, SFO tells UK Supreme Court

By Phoebe Seers and Martin Coyle ( March 26, 2025, 17:04 GMT | Insight) -- Former UBS and Citigroup trader Tom Hayes’ argument that Libor permitted traders to take a personal profit into account when submitting borrowing rates is “anathema to the fundamental concept of an independent benchmark,” a lawyer for the UK Serious Fraud Office told Supreme Court judges today scrutinizing his 2015 conviction for rate-rigging. The operation of Libor required an “honest and genuine” assessment of borrowing rates. “It is difficult to understand how the market which operated the setting of a benchmark could operate any other way,” James Eadie said for the fraud office.Former UBS and Citigroup trader Tom Hayes’ argument that Libor permitted traders to take a personal profit into account when submitting borrowing rates is “anathema to the fundamental concept of an independent benchmark,” a lawyer for the UK Serious Fraud Office told Supreme Court judges today....

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