Hayes, a former star Citigroup and UBS trader, was convicted in 2015 of conspiracy to defraud by manipulating Libor, a benchmark rate once used to price trillions of financial products globally.Bloomberg | Bloomberg | Getty Images
Prosecutors said Hayes and other traders were acting illegally by taking their or their employer's commercial interests into account when they made submissions on the London interbank offered rate . His appeal against his conviction was heard alongside that of Carlo Palombo, a former Barclays trader convicted in 2019 of skewing Libor's euro equivalent, Euribor.
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