Tom Hayes denied opportunity to appeal against LIBOR conviction

Tom Hayes, the convicted LIBOR rigger, has been denied the opportunity to appeal his conviction and sentence as the Criminal Cases Review Commission said it had no plans to refer his case back to the Court of Appeal.

Speaking to the FT, Hayes said he was "disappointed and surprised" by the ruling, which has not yet been made public by the CCRC and added he would "continue to fight to clear my name".

"I have done nothing wrong and have been scapegoated to cover the policies of my employers, the industry practice and to protect the reputation of the financial system," he added.

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Hayes also claimed to have evidence that was not presented to the jury and said a lack of consideration of his Asperger's syndrome also meant both his conviction and sentence were unfair.

Hayes, a former UBS and Citigroup trader, was released from low-security prison HMP Ford in January having served around half of an 11-year sentence.

He was convicted for rigging LIBOR, a benchmark used to determine interest rates on mortgages and corporate loans.

In June this year, the Investment Association urged broader market participants - including banks, insurers and benchmark administrators - to support its buy-side members in the successful transition away from the LIBOR benchmark in 2022.

In a document published on 22 June, the IA highlighted the "need to address the large number of outstanding LIBOR-linked bonds which have still not yet transitioned to a new rate", warning that failure to meet the deadline "has the potential to impact our industry and our clients much more widely than we might expect".