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Final broker cleared in Libor-rigging trial

A sixth and final defendant has been cleared of trying to manipulate the official Libor interest rate used for lending between banks.

All six men in the trial were acquitted Credit: PA

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.

City trader jailed for 14 years for rigging Libor rate

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:


Barclays 'strong' despite scandals and quarterly loss

New Barclays boss Antony Jenkins has insisted the bank remains "strong and well-positioned" despite a torrent of reputation-scarring scandals and a £47 million quarterly loss.

Delivering his first set of results today since taking over from Bob Diamond in the wake of the Libor-fixing affair, Mr Jenkins accepted the lender had "much to do to restore trust among stakeholders."

Regulator and former Barclays executive to testify on Libor fixing

The former chief operating officer at Barclays, Jerry del Missier, will give evidence to the Treasury Select Committee today as part of its probe into the Libor rate rigging scandal.

Mr Del Missier is likely to be asked whether he was under the impression that there were instructions to lower the bank's Libor rate coming from the Bank of England or Whitehall.

Former chief operating officer at Barclays Jerry del Missier Credit: REUTERS/Wolfgang Rattay/Files

The chairman of the Financial Services Authority (FSA) Lord Turner will also give evidence on whether he issued such instructions and why the rate rigging wasn't noticed sooner.

FSA chairman Lord Turner Credit: Lewis Whyld/PA Wire

FSA to review how it supervises wholesale conduct of banks

The Chairman of the Financial Services Authority (FSA), Lord Turner, has said he is reviewing how wholesale markets are supervised following the Libor rate-fixing scandal. The forthcoming FSA probe into rate-fixing is one of two investigations in the wake of the Barclays scandal.

The FSA was criticised for not bringing criminal charges against Barclays or its traders who rigged the Libor interest rate. Lord Turner said:

We will therefore need to think carefully how far we should shift our past approach to the supervision of wholesale conduct, and what resources and skills we need to be more effective in this area.

– Lord Turner, FSA Chairman

At the FSA's last annual meeting Lord Turner said: "shoddy wholesale practice is not a victimless act, even in those cases where it is not defined as a crime."


Former RBS chairman: Sacking of four traders is 'correct response'

Former Royal Bank of Scotland chairman Sir George Matthewson told the BBC today that the sacking of four RBS traders was the "correct response" but that it also raised many questions. Mr Matthewson said:

What I am unable to understand is that whether this was done for personal profit of the individuals. There is an impression that they are trying to increase the value of the bank through lowering the interest rate.

For that to have been true, it would have required complicity of [those] higher up in the bank, I find that difficult to believe. I do feel that this problems goes across many banks.

I don't believe that Barclays would stand by and retain employees who participated in fraudulent and near-fraudulent activities.

Document trail reveals global banking scandal

Today's Observer newspaper said that in a 28-page statement of facts relating to the case, the US Department of Justice disclosed how a network of trader working on both sides of the Atlantic conspired to influence the interbank lending rate.

The document reportedly states that the collusion between traders across a range of banks, including Barclays, took place from at least August 2005 through to at least May 2008.

It said that the interbank communications included ones in which certain Barclays swaps traders communicated with former Barclays swap traders who had left the bank and joined other financial institutions.

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