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Bank claim: Ex-UBS trader faces Libor charges

A former trader at UBS is due to face charges over the manipulation of the Libor rate.

The Serious Fraud Office (SFO) will be charging Tom Hayes with eight counts of conspiracy to defraud.

In a statement, the SFO said: "He attended Bishopsgate police station this morning where he was charged by City of London Police with eight counts of fraud.  He will appear before Westminster Magistrates' Court at a later date."

Last year, UBS was fined by US regulators for its involvement in the Libor rigging scandal. During this time, Mr Hayes was also charged by regulators. He and two other traders were arrested last year in connection to the Libor scandal.

Investigations into many major banks over whether or not they had taken part in Libor rigging are still ongoing.

As well as UBS, so far Barclays and Royal Bank of Scotland have been fined for Libor rigging.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801600512-ADNFCR

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