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Barclays Traders Shouted Rigging Requests for All to Hear

  • Ex-trader Carlo Palombo testifies for second day in London
  • Three former Barclays employees are charged in Euribor case
Barclays Plc Headquarters And Bank Branches As Company Considers Dublin For Their EU Base
Photographer: Luke MacGregor/Bloomberg
Updated on

There was nothing secret or subtle about how traders at Barclays Plc tried to move the bank’s submission to an important benchmark interest rate in a way that helped their own positions, a former trader told a court Tuesday.

Co-workers would yell and collectively discuss their desire to move the bank’s Euribor position for their own benefit, according to Carlo Palombo, who is on trial for his role in manipulating the benchmark rate. He testified that an email he’d sent requesting a low three-month rate was normal practice for someone in his role.