Libor trial: Former City trader was 'greedy', court hears

A court has been told how a financial trader, who is accused of rigging lending rates between banks, was motivated by pure greed.

Former City trader Tom Hayes, 35, of Fleet in Hampshire, has been accused of acting in a "thoroughly dishonest and manipulative manner" in his alleged attempts to rig the Libor rates, the court heard.

Mr Hayes is the first person to stand trial charged with manipulating the rates, known as Libor.

The former UBS and Citigroup trader denies eight counts of conspiracy to defraud from 2006 to 2010.

Emma Simpson reports.