A sixth and final defendant has been cleared of trying to manipulate the official Libor interest rate used for lending between banks.
Darrell Read, 50, of Wellington, New Zealand, was found not guilty of conspiracy to defraud by a jury at London's Southwark Crown Crown.
His five-co defendants were also cleared yesterday of by trying to manipulate the Libor rate linked to the Yen.
All six men in the trial had been accused of helping trader Tom Hayes to manipulate the Libor rate over a period of four years.
Hayes was was convicted of conspiracy to defraud earlier this year.
The judge in the case has asked the jury to reach a majority verdict on the sixth broker.Read the full story ›
A city trader has been jailed for 14 years for his involvement in rigging interest rates.
Tom Hayes is the first to be found guilty of manipulating the Libor rate, an international interest rate benchmark.
ITV News' Rebecca Barry reports from Southwark crown Court:
The two banks, where Tom Hayes worked while he was rigging Libor rates, have made the following statements, after he was sentenced to 14 years in prison for conspiracy to defraud.
UBS was not a party to this case. It was a matter between the SFO (Serious Fraud Office) and Mr Hayes and UBS has no comment. The bank has resolved this legacy matter with most authorities and is committed to reducing operational risks and upholding a culture of doing the right thing.
Tom Hayes was terminated in September 2010 following an incident that was reported to compliance. Citi (Citigroup) also reported the matter to the appropriate regulators at the time.
Hayes was employed at UBS from August 2006 to December 2009, and at Citigroup from December 2009 to September 2010.
Libor rate-rigging was a practice that proved costly for a number of banks when the extent of the scandal emerged in the wake of the 2007 and 2008 financial crisis.
Much of the money paid in fines in the UK has been allocated to charities.
In the wake of the Libor rigging scandal, there has been a renewed focus on the practices of the financial markets.
A review in September 2012 found that manipulation of the way Libor was fixed had damaged trust in the financial system and called for urgent reforms.
The role of the British Bankers' Association in overseeing Libor was severely criticised and responsibility for it was handed to America's Intercontinental Exchange Benchmark Administration this year.
Rules published in 2013 laid out new requirements for checking banks' submissions and monitoring for suspicious activity by benchmark administrators, as well as the policy on handling conflicts of interest.
In June, Bank of England governor Mark Carney backed plans laid out by the Fair and Effective Markets Review for the lengthening of the maximum sentence for market abuse from seven to 10 years.
A number of banks including Barclays, Lloyds Banking Group, the Royal Bank of Scotland and Deutsche Bank have been fined billions of pounds for their part in the Libor rigging scandal. But what exactly is the rate that was manipulated?
- Libor - or The London Interbank Offered Rate - is a benchmark that indicates the interest rate that banks charge when lending to each other.
- Each day, a panel of banks set out what rates they think they can borrow from others over a range of periods - from overnight up to 12 months.
- The data is collated, the top and bottom estimates are removed and the rest are then averaged to give a final figure.
- It is used as the basis for hundreds of trillions of dollars of loans and transactions around the world from complex derivatives to mortgages.
- Libor is seen as fundamental to the operation of UK and world markets.
Tom Hayes, who has been sentenced to 14 years in prison for manipulating Libor rates, built up a network of traders to help him carry out the fraud, the prosecution said.
Hayes was said to have once offered to pay a contact 100,000 US dollars if he kept the Libor rate as low as possible.
Mukul Chawla QC,prosecuting, said: "On an almost daily basis he set out to dishonestly manipulate or rig Libor at his bank and other banks."
"The motive was a simple one: it was greed", he added.
Former UBS and Citigroup trader Tom Hayes has been sentenced to 14 years in jail after a jury found him guilty verdict on eight counts of conspiracy to defraud for rigging Libor rates.
A trader, convicted over the Libor scandal, was paid £1.3m before tax in salary and incentives by UBS from September 2006 to December 2009.
Tom Hayes then joined Citigroup in 2009 because he "felt that UBS were not paying him enough", and received £3.5 million before tax for just nine months' work.
The prosecutor in his trial said Hayes immediately set about rigging Libor sending a message on his first day trading, saying: "Do me a favour and get the Libor rate up?".
Hayes was sacked from the bank after his methods were formally reported to senior management. He was later arrested in the UK in December 2012.