LONDON, June 20 Former UBS trader Tom
Hayes appeared in a London court on Thursday accused of
conspiracy to defraud in connection with a global investigation
into the Libor interest rate rigging scandal.
Dressed in a blue open-necked shirt and pale trousers,
33-year-old Hayes stood in the dock at London's Westminster
Magistrates' Court as the magistrate read out eight offences
related to his time at both UBS and Citi in Japan between August
2006 and September 2010.
He is alleged to have conspired with employees from at least
10 institutions including UBS, RBS, Deutsche Bank, Citi,
JPMorgan, brokers ICAP, Tullett Prebon, RP Martin, HSBC,
Rabobank and others.
Hayes spoke only to confirm his name and address and that he
understood the charges against him.
Hayes was granted bail and told to appear at Southwark Crown
Court on July 4.
Hayes is the first suspect to face court in an enquiry
stretching from North America to Asia into how traders rigged
crucial benchmark rates such as Libor (London interbank offered
rate), against which trillions of dollars of loans are priced.
The scandal, which has sparked public and political outrage
and laid bare the failings of authorities and bank bosses, has
to date seen regulators fine three banks a total of $2.6 billion
and prosecutors and police charge two men, including Hayes.