The Fix. Vaughan Liam

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since 1981, and the CME's highly liquid contract was particularly popular among traders looking to hedge their exposure to over-the-counter swaps. As swaps, and much else besides, referenced Libor, the CME believed its product would be more appealing if it used the same rate. Average daily trading volume at the time of the switch in 1996 was about 400,000 contracts. That rose to 2.8 million by March 2014.16

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      1

      BBA LIBOR: the world's most important number now tweets daily, British Bankers’ Association, May 21, 2009, http://www.easier.com/25225-bba- libor-the-world-s-most-important-number-now-tweets-daily.html.

      2

      The lawyer initially refused to name his client, sayin

1

BBA LIBOR: the world's most important number now tweets daily, British Bankers’ Association, May 21, 2009, http://www.easier.com/25225-bba- libor-the-world-s-most-important-number-now-tweets-daily.html.

2

The lawyer initially refused to name his client, saying only that he was one of the traders identified in our article.

3

In the 1988 movie Rain Man, Dustin Hoffman plays an autistic man who struggles to interact with people but is mathematically gifted, a talent put to work by his unscrupulous brother counting cards in Las Vegas casinos. Directed by Barry Levinson.

4

Nick Hayes quoting Tania Zeigler, Twitter post, Sept. 1, 2015, 1:52 p.m., http://twitter.com/justice4tomh.

5

Regina v. Tom Hayes (2015), Hayes's testimony, Southwark Crown Court, London.

6

“Semiannual OTC derivatives statistics,” Bank for International Settlements, 2015, http://stats.bis.org/statx/srs/table/d7?p=20092&c=.

7

Regina v. Tom Hayes (2015), Hayes's testimony, Southwark Crown Court, London.

8

In recent years UBS has been penalized by authorities around the world for facilitating money laundering, helping clients evade income tax, rigging the foreign exchange market and manipulating the price of precious metals. In 2011, rogue trader Kweku Adoboli racked up $2.3 billion in trading losses at the bank.

9

Tom Hayes, Serious Fraud Office interviews.

10

New York-based Manufacturers Hanover was once one of the biggest U.S. lenders. It was acquired in 1992 by Chemical Bank, which subsequently became part of JPMorgan Chase.

11

Much of the biographical information in Chapter 3 comes from David Lascelles, The Story of Minos Zombanakis, Banking Without Borders (Athens: Economia, 2011), 24–100.

12

Ibid.

13

BIS Quarterly Review, December 2004.

14

The Bank of England raised its key interest rate 10 percentage points between November 1977 and November 1979. Bank of England, http://www. bankofengland.co.uk/boeapps/iadb/Repo.asp.

15

The CME's method for calculating the interbank rate was actually harder to game than Libor. It involved a random survey of banks, which were asked at what rate they were willing to lend to prime banks. No bank knew whether it was going to be included in the pool.

16

Carrick Mollenkamp, Jennifer Ablan and Matthew Goldstein, “How gaming Libor became business as usual”, Reuters, Nov. 20, 2012, http://uk.reuters.com/article/us-libor-fixing-origins-idUSBRE8AJ0MH20121120 and CME data.

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