A trader who worked for UBS and Citigroup on Monday became the first person to be convicted by a jury in Britain of rigging the benchmark Libor inter-bank lending rate.
Tom Hayes, 35, was found guilty following a trial at London`s Southwark Crown Court.
Hayes had denied eight counts of conspiracy to defraud between 2006 and 2010, when he worked for Swiss bank UBS and its US rival Citigroup.
Britain`s Serious Fraud Office (SFO) alleged he was the leader of more than a dozen traders who worked to rig the London Interbank Offered Rate (Libor).
Libor, an estimate of the average interest rate for banks borrowing from other banks, is a key reference for many financial products around the world, from consumer loans to savings accounts.