Does it matter if Tom Hayes is acquitted?

It matters to him, but changes to UK rules are meant to avoid an exact repeat of the Libor case

Credit: montage/M4OS Photos/Alamy

On July 6, Tom Hayes, former rates trader and former prisoner, announced on social media that his conviction for manipulating the Libor benchmark rate was being referred to the UK’s Criminal Cases Review Commission.

All those accused of Libor rigging in the US – including Hayes himself – have already been acquitted there, so the implications of the case will centre on the UK alone. Hayes has served his time, but he is keen to clear his name.

For other traders and their managers, the question

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