How Tom Hayes' Libor dreams ended in a 14-year prison term

London

THE journey that led Tom Hayes to a drab courthouse on the banks of the River Thames started 9,600 kilometres away on a buzzing trading floor in Tokyo's financial district in the summer of 2006.

Hayes had been at UBS Group for less than two months and was sitting on a losing bet on the direction of yen Libor, a lending rate set by a survey of banks. On a call that afternoon, a broker in London suggested he could help the young trader by influencing where rival lenders set their rates, Hayes testified during his trial.