BUSINESS

Libor was ‘nothing special’ to Stylianos Contogoulas

TAGS: Markets

Libor was “nothing special” and of “negligible importance” to one of the ex-Barclays traders on trial on charges of conspiracy to manipulate the global financial benchmark, a London court heard on Monday.

Greek-born Stylianos Contogoulas, 44, is one of five men on trial for conspiracy to defraud by manipulating US dollar Libor rates between June 2005 and September 2007.

The London interbank offered rate (Libor) is a benchmark for about $450 trillion of financial contracts worldwide, from complex derivatives to student loans.

His lawyer John Ryder told the court Contogoulas was instructed by his boss early in his career that he would be asked to pass on requests regarding the Libor rate from traders in New York to submitters in London.

[Reuters]

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