A U.S.-instigated investigation into alleged manipulation of benchmark Libor interest rates expanded from dollar rates to include yen rates only in late 2010, a London court heard on Thursday.
Steven Sletten, a lawyer from Gibson Dunn and Crutcher, told the jury in the trial of former UBS and Citigroup trader Tom Hayes that the Swiss-based bank received three subpoenas from the U.S. Commodity Futures and Trading Commission (CFTC) regulator between April 2011 and July 2012.
The CFTC initiated an investigation into dollar Libor rates in 2008 and it was two years before this was expanded to the area in which Hayes specialized.