The yen-Libor trader was arrested in December and has been charged by City of London Police. He is the first person to face UK criminal charges in relation to the scandal, which resulted in a global investigation and led to regulators in five countries sanctioning 20 banks.
Hayes joined UBS in Tokyo in 2006, trading yen-denominated products linked to Libor. He joined Citigroup in 2009 and was there for less than a year. It is not clear when the alleged offenses took place.
He has already been charged for the same offence in the US, at which point assistant attorney general said the US would seek the extradition of Hayes to face the charges.
The Serious Fraud Office (SFO) began investigating Libor last July amid criticism Barclays’ settlement with the US and UK authorities had not esulted in any criminal charges.
Earlier in the month it was revealed that Brussels could strip London of its oversight of the interbank lending rate, bringing it under the control of the Paris-based European Markets and Securities Authority (Esma).
The interest rate benchmark had already been brought under the control of the FCA as a result of recommendations in the Wheatley Review, making it the only regulated benchmark in the UK.
