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Barclays' Bagguley Says Traders Had No Right to Influence Libor

  • Mike Bagguley testified at London trial of two ex-traders
  • Stylianos Contogoulas, Ryan Reich accused of rigging rate

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.