Libor rigging trial: Bank of England official ‘The Hammer’ sent emails crucial to rate fixing

Bank of England official nicknamed “The Hammer” was sent emails that were crucial to rigging Libor, Southwark Crown Court has heard.

Jurors in the trial of former UBS and Citigroup trader Tom Hayes were yesterday (27 May) told Martin Mallett, the Bank of England’s chief currency dealer, received emails detailing the interest charged for lending Japanese yen.

Hayes allegedly used the rates to place huge wagers on the movements of Libor in deals that could have either earned of lost him hundreds of thousands of pounds.

There was no suggestion Mallett, who used his email address, acted on the information contained in the emails, but traders from Barclays, Lloyds and BNP Paribas were also copied in on the communications.

Read more