Does it matter if Tom Hayes is acquitted?
He may have served his time, but in an attempt to clear his name, former rates trader Tom Hayes, announced last month that his conviction for manipulating the Libor benchmark rate was being referred to the UK’s Criminal Cases Review Commission.
All those accused of Libor rigging in the US, including Hayes, have been acquitted there, so this case will involve only the UK.
James Tyler was quoted in Risk.net about this development, including about the Financial Conduct Authority’s role in approving and supervising organisations to administer benchmarks.
Please note that the article is behind a paywall.