The pair appeared at Bishopsgate police station this morning, where they were charged by City of London Police, according to a statement released by the Serious Fraud Office (SFO).
Gilmour was charged with one count of conspiracy to defraud, and Farr with two counts of the same offence. They will appear before Westminster Magistrates Court at a later date.
They were arrested in December along with Tom Hayes, who last month became the first person in the UK to face criminal charges in relation to the matter.
The former UBS and Citigroup trader was charged with eight counts of conspiring to rig the yen Libor rate between August 2006 and September 2012.
During the hearing at Southwark Crown Court SFO barrister Mukul Chawla QC requested a High Court judge hears the case, which has been set for mid-October, due to the complexity and seriousness of the charge.
An RP Martin spokesperson was unavailable for comment.
