Fresh From Prison, Tom Hayes Stirs Up Debate About Libor’s Adequacy
- Benchmark remains troubled by shortage of genuine trading data
- There are few good reasons to keep rate: Commerzbank’s Rieger
This article is for subscribers only.
He’s certainly an expert on Libor, but Tom Hayes’ assertion that the benchmark he rigged is now cleaned up and fit to stay is coming under fire.
Claims by the ex-UBS Group AG and Citigroup Inc. trader -- who was convicted for manipulating the London interbank offered rate in 2015 -- ignore the shortage of genuine trading data available to underpin it, bankers and analysts say.