Barclay’s Traders Charged with Libor Manipulations in UK

Three former employees of Barclays have been charged in connection with the alleged manipulation of the London Interbank Offered Rate (Libor).

The Serious Fraud Office (SFO) said Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich had been charged for “conspiracy to defraud”.

The three will appear at Westminster Magistrates Court in a few weeks’ time, the SFO added.

Libor, the average rate at which banks lend to one another, is decided daily.

Most of the world’s biggest banks contribute estimates to form the Libor rate.

But there have been allegations that some have looked to profit from it by understating or overstating their submissions.

The SFO said it was continuing to work with the UK’s Financial Conduct Authority and the US Department of Justice over its Libor investigation.

It has now brought 12 charges in relation to Libor, including three other former Barclays employees.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza