The chief operating officer of Barclays Plc’s investment bank told a London court he never instructed swaps traders to speak to Libor submitters and didn’t know about any contact between them.
Appearing as a witness at the London trial of two former traders accused of rigging the benchmark rate, Mike Bagguley said he didn’t think a swaps trader had any "responsibility or any right, as it were, to have a say in what" a Libor submission should be. He said he didn’t encourage contact between the swaps desk and cash desk, the unit responsible for setting Libor.
