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1 year, 2 months ago
Note of the translator: In our blog on Geektimes we tell about work in stock market, we describe how it is influenced by different technologies, and also we sort situations which help to understand the device of the industry of finance better. Today we present to yours the first part of adapted translation according to the link.

Investigation: Whether the trader of UBS directed the financial plot largest in the history (Part 2)

The concerned friend of Heys sent it article from Wall Street Journal, but that ignored it as irrelevant: fraud of LIBOR in dollars had no relation to its trade portfolio with LIBOR in yens. In September, 2008 by that moment as Lehman Brothers became the bankrupt, Heys's system worked even better, than earlier. The monetary markets – cardiovascular system of the financial industry – slowed down the work as banks refused to issue each other loans and postponed the means, in fear expecting that someone from their colleagues will not worry this night. Every day originators of a rate of LIBOR did not know what value should be published, and as a result of steel to depend even more on opinion of brokers who, in turn, were bribed by Heys.

The only problem was their payment which had to be so high that those remained are correct Heysu. On September 18, when the market stood waiting, there was a small window during which the markets of Tokyo and London were open. During this window of Heys could not find in any way transactions which were rather large to pay all who had to receive the fixed salary for the works. And here to it the new thought came to mind. He called one of the brokers and suggested to carry out the so-called dummy transaction during which both parties establish transactions through the broker so that any of the parties from this transaction receives nothing, at the same time writing off the commission for the account of the intermediary. Carrying out such operations is forbidden by many firms as no commercial purpose serves and is only method to transfer large volume "бро" – the slang term which designate the commission.

Further explanations before the broker thought that offered him Heys were required, but the idea was pleasant to it. "Well, let's look what can be made from this, – laughing, the broker answered. – Fine, devil take it!" Heys persuaded to take part in the transaction of two traders from JPMorgan and RBS. The first just decided to help. The last in exchange for the services asked Heys to pay a lunch for the colleagues at the nearest restaurant for the sum of 500 pounds. After Heys agreed with phone broker that so he will pay it and further (JPMorgan and RBS refused to comment on an event).

For the next 11 months Heys in total spent more than 470 thousand pounds for payments to the brokers from which third became members of its network. If Heys could manipulate system of forming of a rate LIBOR to save the profit at the critical moment of the largest crisis on its century, then now it seemed to it that it is capable of everything.

Its success began to draw attention of other players in the market. In the summer of 2008 of Goldman Sachs offered Heysa work with advance payment in the amount of three million dollars. Heys refused this sentence, explaining to the colleagues what wants to remain correct the company which brought it into Tokyo. He, however, considered that he is not ready to work in the most prestigious investment bank of the world.

A year later, in June, 2009, he agreed to meet Chris Sesere famous for the trader of Citigroup, in the smart, dimly lit jazz bar of Grand Hyatt Tokyo hotel. Sesere took himself beer, Heys zhe drank orange juice and listened as Sesere told about creation of the world's largest business based on trade in derivatives in which Heys had to take the main place. As well as Goldman Sachs, Sesere offered Heys 3 million dollars advance payments if that accepts its sentence. This time Heys agreed. Later Sesere bragged to colleagues that found "this animal".

While Heys's prestige grew in high gear, at Makgonagl and his command from CFTC work did not progress at all. After numerous attempts to obtain from banks data on forming of a rate at regulators there was a number of the important facts, but in most cases to them directly refused a request. Moreover, several months later after financial crisis the law enforcement agency spent the most part of the time for studying of whether commodity speculators were responsible for a sharp jump in prices of crude oil.

At this time in London the BBA trade organization regulating the value LIBOR began to take the accelerated measures for suppression of rumors about manipulation with a rate. In interview of Wall Street Journal and to other editions the lobbist organization declared that scandal over a reference rate was result rather of a misunderstanding of a situation by journalists, than illegal actions of banks. Besides, the British law enforcement agencies did not show interest in clarification of facts of the case. They were too busy with rescue of a financial system from crash (FSA, SFO and BBA refused to comment on an event).

By the beginning of 2010 only one company helped CFTC with a legal investigation of a rate of LIBOR and brought though some advantage – Barclays. The British bank employed the former head of CFTC Greg Mosek as the lawyer for the help in a legal investigation after detection of the explicit facts of manipulation of LIBOR. Mosek was in good relations with the former colleagues and considered that it will be better to consider the available proofs, but to continue search of more reliable method to resolve a situation.

After receipt to the White House of new administration of CFTC Gary Gensler in the past working at senior positions in Goldman Sachs headed, and its fortune was estimated in 60 million dollars. Barack Obama charged to Gensler describing himself as "the low, bald Jew from Baltimore" to conduct regulation of the market of derivatives which many was considered by then as the crisis aggravation reason. After Gensler's introduction in a position in May, 2009 "importance giving" to government body became its purpose. Business of LIBOR most of all answered this purpose, and he was eager to resume investigation. In March he received the sending which granted all his desires.

It was the compact disk from Barclays. Gensler, his confidants and the staff of law enforcement agency were located on shabby sofas and chairs in a waiting room near its office – the only place where there was a working CD player – to listen to record. On a disk it was taped telephone conversation between two middle managers of Barclays, occurred eighteen months earlier during one of the most intense periods of crisis. The man with characteristic English accent asked the subordinate to begin decrease in a rate of LIBOR in their bank. After objections of the junior employee the first declared that the order went from a top of board of bank which worked according to the instructions transferred by Bank of England.

On it record broke. Genslera stood near office dead silence. Conversation was so unambiguous that it seemed as if both persons knew that they behind them overhear how then told one of the serving CFTC. After several unsuccessful months they in hands had materials which could help them to open this business. If employees of Barclays openly discussed manipulation of LIBOR, it is logical to assume, as other banks could be engaged in the same (the manual Barclays refused to comment on an event).

CFTC usually valued the affairs, without allowing other organizations to interfere with them. But now, holding a disk from Barclays, investigators understood that they have no other choice except how to provide materials to the Ministry of Justice. His representatives could force the companies to a cooperation with the investigation and bring criminal charges to individuals. The head of department of questions of protection of a law and order of CFTC Steve Obi contacted Robertson Park – the high, sociable lawyer who is at one of the leading positions in Ministry of Justice of the USA. Ob and Park several years worked together on some affairs and from time to time liked to meet and talk behind a glass of beer.

"Uniforms, throw everything, than now you are engaged, and listen to me", – told Ob. It brought phone to columns of the computer and included a conversation recording from Barclays. When record ended, the first that was told by Park, was: "There is a devil!"

Journalists daily criticized criminal department of the Ministry of Justice as that could not trace activity of banks, aggravating with that an emergency in the country. Now it had an opportunity to explain the actions to the press. Within a month the Park gathered a team for own investigation of a situation with LIBOR. British had to interpose in the matter. LIBOR, maybe, was also established by bankers in London and BBA was regulated, but FSA all this time tried not to interpose in the business which, according to its manual, was run to big costs and political confusion. Since 2008 data acquisition from banks and their transfer to CFTC hands was the main objective of FSA. This time after a series of negotiations of FSA agreed to cooperation with the American colleagues.

Thanks to this cooperation of CFTC it was succeeded to subpoena 16 banks, having forced them to provide proofs on business and to conduct survey of their personnel. In addition, the regulator advised banks to address to third-party law firms that those made investigation on the case of manipulation of LIBOR and by the end of the year reported about the results.

Within several weeks the whole packets with proofs began to come to CFTC. Makgonagl's investigators and Ob spent all the time at offices, inclining over the tables, entering documents in directories and listening to audio recordings. Walls were filled with posters with structure of management of different departments in different banks. The concepts used by traders for designation of terms of trade in future contracts and change of structure of the enterprise were gradually decrypted.

UBS was one of the banks subpoenaed. In its headquarters in Zurich lawyers worked with huge archives of correspondences and e-mail, using such phrases for search as "lower on 6 m" and "favor". It became clear that the name of one trader appeared more often than the others.

Before starting trade in Citigroup, Heys had to pass three months of a trial period. All this time it prepared for new attack to LIBOR. He agreed about transfer of the young trader Hayato Hosino from the Tokyo department of Citi to London and established relations with local originators of LIBOR: so Heys could continue the influence on the rate size. Besides, Heys began to establish the relations between the bank and group of originators of TIBOR – the Tokyo interbank rate of the sentence. In October Heys went to London personally to meet the people setting this rate in Citi.

Heys was led to headquarters of the European department of Citi in Keneri-Uorf and provided to the head of department of cash operations Andrew Tursfild. The first that was told by Heys, was: "It is pleasant to get acquainted with you. You can help us with work with LIBOR".

Tursfild was a serious Englishman who spent more than twenty years in department of risk management to Citi. The growing bald man wearing spectacles with an opposite voice and pedantic manners was more similar to the accountant, than to the banker. He liked to consider himself as the keeper of the balance sheet reporting of the company.

Heys it was unshaven, shabby and scattered. He told Tursfildu as department of the cash operations UBS regulated the movement of the rate to arrange it under himself, and bragged of the communications with founders of a rate in other banks, and also how they exchange services. Heys tried to make impression on Tursfild, but underestimated this person and a situation in general. Tursfild right there took a dislike to Heys and next day called his manager, concerned by the newcomer of the company. "Whoever was the chief of your department, – Tursfild declared, – he should monitor fixedly the actions and as far as they are open". Heys, as he said, made impression of "the street dealer" on Tursfild – so in the world of finance call talkative boasters.

Investigation: Whether the trader of UBS directed the financial plot largest in the history (Part 2)

June 20, 2013. Tom Heys at the building of Westminster court in London

Heys caused irritation in the most improper person. Citi already then cooperated with an investigation of case of the fraud with LIBOR rate organized by CFTC, and in March, 2009 Tursfild even told to investigators the link to the presentation from 18 slides how calculation of a rate is performed. Heys, in turn, not especially worried about last meeting and could not even remember a name of Tursfild.

In December when Heys after all appeared at the Tokyo office of Citi located in the building of "Cyn-Marunouti Bilding", its plans were opened. Originators of a rate in bank said to it more than once that they cannot consider his opinion at calculation of LIBOR. From it even his former companions turned away. Rumors about investigation of CFTC of steel will quickly be spread, and all began to worry. "Recently I addressed it, and he asked me more about anything not to ask it, but, the friend, I will try still more than once, – one of Heysu's brokers who began it to bother told. – Recently all began to behave somehow strange".

Heys, in addition, managed to make a number of unsuccessful rates in the market, and its financial losses began to grow. In June after one of Heys's colleagues in Citi left and transferred parts of a trade portfolio of Heys to his former chief in UBS, they integrated against Heys with other players in the market and began to look for its weak places. As a result of joint efforts on the shift of the market in the opposite direction they forced Heys to lose 100 million dollars.

At the end of one of the worst months in his career Heys already fell into despair. On June 25, sitting at the table over accounting reports which indicators were worse, than ever, Heys took phone and dialed the London number of Hosino. In spite of the fact that to it repeated more than once that founders of a rate did not want to tell more about LIBOR, Heys ordered to the subordinate to try to agree with them once again. At the end of the month he could conclude a large deal, and for this purpose the value of a reference rate had to grow.

Having selected itself in Hosino's assistants, Heys cruelly miscalculated. The modest young man famous among the colleagues as "little Hosino", actually never contacted founders of a rate when Heys asked him about it. With the bad English the young trader just was afraid of them. This time Heys was more persistent than normal. Right after Hosino's lunch passed on a trading floor, approached a workplace of the founder of LIBOR and transferred Heys's message. It became a fatal flaw. CFTC just subpoenaed the manual Citi and charged to it to trace whether the traders trading in derivatives try to manipulate LIBOR rate. Knowing about pressure upon bank from CFTC, the founder of a rate told Hosino that its actions are illegal, and reported about incident of Tursfildu who, in turn, right there called department of normative and legal regulation.

Within several next months lawyers of Citi interrogated Heys in total more than 12 hours. The manual assured Heys that everything will be as it should be and that it is only part of more large-scale investigation. Then on September 6, when Heys went to the office, it was asked to pass in a normal meeting room. There it met two managers of Citi, Andrew Morton and Brian Makkeppin who employed it less than a year ago. They sat at a table with serious faces. Also there were the chief legal adviser of Citigroup and the personnel manager of the branch of the bank at Japan (Morton, Makkeppin, Tursfild and Hosino did not respond to a request to comment on the incident which was sent to Citigroup).

After Heys sat down at a table, Makkeppin told it that the manual of bank monitored it for several months and holds a number of the facts of manipulation with rates. These actions were contrary to rules of bank, and it meant that the manual is forced it to dismiss. Heys it was simply struck. A week ago he everything also did the business and discussed strategy of actions with Makkeppin at its office.

As it is normal happened to it, Heys quickly recovered. "It is well, quite strange that you dismiss me as you are involved in it too", – Heys addressing then Makkeppin remembers the words.

"He was just not involved in it, – the legal adviser instantly answered. – It had no own trade positions".

Heys it was ready to argue with it and declared that, being the head of Citi investment bank in Japan, Makkeppin bears complete responsibility for each carried-out transaction. Then he carried out tremendous response attack. "How many you are ready to pay me that I left quietly? – he asked. – Otherwise I will make of this event this scandal".

The manual Citi of it did not expect. Managers asked Heys to leave the room to discuss his contract. A bit later they caused it and reported that that will not receive kopeks. But they permitted to leave to Heys its advance payment in three million dollars.

The next several months Heys did everything possible to adjust the life. In several days after dismissal it returned to England and married Tye. They celebrated a magnificent wedding in Four Seasons hotel in the suburb of Hampshire. In 2011 they gave birth to the first child whom parents called Joshua. Then they purchased the house with six bedrooms which was once belonging to the parson in a modest small village near London. They paid for it 1,2 million pounds (1,9 million dollars) cash, without paying a mortgage, judging by entries in the land book. Heys signed up for the courses MBA, and Tai everything also continued to work as the lawyer. Together they began to build the dream: they attached a new wing to the house and decided to set automatic gate six feet high that is in perfect security.

Meanwhile, the American investigators continued to work on the business. Heys was reached by rumors about the investigation course, but he also did not suspect that he is one of the main targets. He sent the message on Facebook to Mirkhat Alikulov, the trader with whom it together worked in the Tokyo department of UBS for many years, and in several weeks they phoned. Heys decided to pass to business at once and asked whether are going to conduct negotiations with the Ministry of Justice in bank. Without the knowledge of Heys, Alikulov made a call from office of the lawyer by criminal cases in Washington on the listened line which FBI was configured so that it seemed as if the call arrives from Tokyo. So easy, as far as it was possible, Alikulov asked Heys that that is going to do. Alikulov against whom a number of charges of fraud was also directed went to the transaction with a consequence: FBI agreed to close lawsuit against it if that tells everything and will help to catch Heys. If Heys suggested it to tell lies to a state institution, then he could be accused not only of fraud, but also of resistance to the authorities.

Investigation: Whether the trader of UBS directed the financial plot largest in the history (Part 2)

July 29. Tom Heys with the wife Sara go to the building of Royal Court of Sautvork in London

Heys stopped as though understood that it was the trap. "The Ministry of Justice of the USA, the friend, you know, these are dudes who, well, well, they sit down people at a grid, – blurted out Heys. – Why to you in general to talk to them?" (Alikulov, answering through the lawyer, refused to comment on this situation).

In 2012 in two weeks prior to Christmas on Tuesday at 7 o'clock in the morning Heys heard knock at a door. It is more than ten police officers and investigators from Department of fight against large financial frauds [English Serious Fraud Office, SFO] broke into the house, all dared on the way, having taken away computers and documents. Heys it was arrested. It was brought to a police station in London where told that he is suspected of the organization of plot for the purpose of fraud.

Heys refused to answer questions and it was released on freedom. Eight days later as then remembered Heys in the indications, he watched TV, and then the news passed into a press conference from Washington. Before a set of the Attorney-General of the USA cameras Eric Holder declared that the UBS bank is fined 1,5 billion dollars and will bear responsibility for manipulation with LIBOR rate in the Japanese branch of the bank. Besides, the Ministry of Justice brought a criminal charge to Heys and his former colleague Roger Darina and expected them an extradition in the USA. Heys about it did not even suspect.

He tried to study all facts which are available against it. Thousands of e-mails and audio recordings exposing Heys were held by investigators from three continents. Assistance to the British authorities, recognition of the fault and exposure of everything with whom he cooperated was the only opportunity to avoid an extradition in the USA and the subsequent punishment, according to the lawyer Heys. British with pleasure were ready to accept this transaction. They late started investigation, but, nevertheless, wanted to hear recognition of the defendant on the native earth.

At this moment of Heys began to cooperate with the investigation actively. For the next three months Heys's life returned to usual normal again. At least, weekly it came into SFO which was near the Trafalgar Square. At an input he usually appended the signature in the form of a fictional surname, for example, the famous football player from his favorite team Queens Park Rangers, then rose on the elevator by the fourth floor, passed by vending machines and came into the room for confessions – the light room in which were only a table, a projector, his lawyer and two investigators in suits. They did not need even to force it to speak.

"The first thought which arises in your head, – said then Heys, – how to earn slightly more money how to force the way and move apart borders, you understand? As to me to enter this intermediate field region and to expand a field of the action. – It stopped to take breath. – But all sense in greed: you want to take control of each cent which you can receive because only this way you are judged by people around. It is your indicator productivities".

The undersized thickset investigator began to ask it: "While you began to direct process as you consider: whether you realized that..."

"I think, all of us understand that it is dishonest game, isn't it? – interrupted it with Heys. – And I was a participant of this game so what I realized how dishonest were my actions is quite obvious". Having inclined over a table of the close room for interrogations, he directed a look before himself, having submerged in a detachment status.

Heys as if derived pleasure, again enduring the moments from the past. He spoke quicker and quicker, describing the happy moments when it collected the positions, agreed about the best price with brokers and configured traders against each other. "Trade in large volumes of derivatives, – he said on one of interrogations, – it is similar to a huge live organism. After several years of trade you begin to feel how everything is interconnected".

In June after 82 hours of interrogation of Heysu officially brought charges. He identified more than 20 people as accomplices of plot, including the stepbrother. (Charges were not brought to O'Leary, Pierri, Hosino and Makkeppin). The list included traders from JPMorgan, RBS, Deutsche Bank and HSBC, and also brokers of two largest interdealer offices. Heys considered that issue of the accomplices – quite justified act. Knowing that it is threatened much by smaller term in Great Britain, in comparison with laws of the USA, Heys told that he feels as the person to whom diagnosed cancer, and then reported that it is completely healthy.

While scandal over LIBOR gained the popularity, in the same summer because of the headings scattering worldwide Heys's simplification was replaced by rage. During its recognitions investigators showed it proofs which did not go at it out of the mind. Despite understanding that they pointed to all gravity of charges he considered that these facts also speak about injustice of a situation in general. Heys spent the whole summer at a table in the house, understanding documents which only strengthened its bewilderment: the e-mails from the manual justifying it actions; the copies of protocols indicating carrying out manipulations even before its receipt to the company; even papers which, in his opinion, reminded intra bank instructions for manner of systems. In it the anger accumulated. Manipulations of LIBOR were large-scale practice. Why he has to bear all responsibility for it?

On October 9, when SFO summed up the result of business against Heys and his accomplices, the white envelope was transferred to the building. The letter was sent by Heys's lawyers: "For the purpose of observance of rules of etiquette, we are forced to report that mister Heys will declare in court that he is not guilty of anything, – the letter said. – Thus, now it officially departs from the current process". Having avoided an extradition in the USA, the talented trader undertook the biggest risk in the life: he refused the transaction and entrusted the destiny in hands to accidental jurors of the London court.

"I will better give the destiny in a charge of twelve people, than I plead myself the motivated process, – afterwards will tell Heys. Can happen so that I will not be agrees with a final decision, but, anyway, I will accept it".

On May 26, 2015, seven years later since the beginning of investigation, the first person accused of manipulations with LIBOR rate nervously passed across the filled room and took the place in the building of Royal Court of Sautvork built of a normal red brick on the bank of the Thames. Heys also the dark sweater was put on in trousers from cotton, on it there was no tie, his fair hair, strangely enough, was accurately laid. Heys looked modestly and it was not similar to the aggressive trader to what charge was going to provide him. His mother looked at it from the reserved place in the middle of crowd of journalists.

Jurors, seven men and five women, were informed on Asperger's syndrome found in Heys, even at the beginning of listening. This illness did not influence, according to the judge, on capability of the defendant to distinguish fair and dishonest acts, however can explain sharpness of his answers. For health reasons it was authorized to Heys to sit at a table, together with command of his lawyers, but not to one on a dock – the closed glass box in the center of the hall. Near it during all trial the intermediary in whose duties entered to monitor symptoms of a stress at the defendant and to ask it to calm down if that began to sicken that often was followed by the sharp movements of the head and writing of notes to the lawyers sat.

The chief prosecutor of SFO Mukul Chawla dressed in a dark cloak the large good-natured man with a shock of a gray hair and an electronic cigarette which he smoked in a break frostily provided Heys's business. "Perhaps, you believe that, judging by the available proofs, the motive of a crime was obvious, – Chawla in the introduction said. – Greed. Mister Heys was eager to earn and save up as much as possible money. The more he would earn for the employers, the above they would appreciate its services, and, therefore, would pay him even more".

There were no doubts in what crime was committed by Heys. However to achieve recognition by his guilty person, Chawla had to prove that the defendant understood that he swindles. Words of the trader were the main weapon of the prosecutor.

"I knew that, perhaps, I should not be engaged in it, – said Heys in one of the interviews SFO in 2013 lost through columns of the judicial room is so loud that the sound began to be distorted. – But, as I already told, I took part in very large-scale activity which began even before my receipt to UBS and proceeded after my leaving the company".

When there came Heys's queue, he began to deny SFO told in conversation with employees, having declared that his participation is strongly exaggerated – thus he tried to guarantee maintaining a consequence on its business in the territory of Great Britain. Within two weeks of evidence of Heys refuted statements that arrived unfairly as practice of influence on the movement LIBOR was so widespread in the financial sphere that he did not even suspect that he conducts illegal activity. His lawyer supported his statements with documents, confirmatory that managers of UBS forced it to go for certain actions, and BBA approved intended decrease in rates during crisis.

At one of the moments of Heys burst out crying. "I do not consider that I made something bad", – he claimed, looking at the wife sitting on a balcony. Her fair hair was accurately braided behind, and hands were put on a lap. She nodded to it as a sign of support.

When the party of charge included an audio recording on which Heys told how he traded in the contracts in the market, he smiled, having submerged in memoirs. "Probably, it was the worst work in the world, – declared Heys. – It can force you to be reset from the bridge. She can force you to sicken every time when you come to work". And still, the heaviest in this situation, according to him, was the fact that he was forbidden to be engaged in the activity. "I was, and in slightly smaller degree I remain obsessed with the markets, the financial markets, and very strongly I miss the former work, – he told. – I miss the former career. It was important part of my life".

By the end of the first week of performances of Heys in court, the business seeming such obvious escaped Chawla now. The young man appeared before the court as rectilinear, kind and naive – it is rather as the victim of system, than as the organizer of a crime.

But all hopes of Heys failed at cross-examination. When it was asked to confirm the simplest facts, for example, in what documents he traded, the trader began to evade the questions and began to show discontent. It was intense, having blinked the eyes and having squeezed a jaw. When Chawla provided to Heys proofs against him, Heys changed a topic of conversation, condemning charge due to the lack of carefully carried out analysis, and declaring that he is the victim of fight between authorities of Great Britain and the USA that it – "the fugitive from the American justice". Here the word was told by the judge, having ordered to Heys to answer questions and to refrain from verbose expressions. One of participants of the party of protection complained to the reporter during a break: "Two years of my life in a couple of minutes left up the spout".

Ten weeks later since the beginning of judicial proceedings jurors left for adjudgement. In five days they declared an unanimous solution: the defendant is guilty at all points.

In half an hour of Heys there was already back in filled, but a quiet courtroom last time. This time he could not leave a dock. Before entering the hall, he asked the security guard whether he can kiss the wife at parting. Dressed in a blue shirt and a blue sweater, with a sleeping bag in hands, Heys it was placed in the glass cell.

Heys almost did not react in any way when the judge declared imprisonment for 14 years – one of the most severe sentences for office workers in Great Britain. His wife swung the head, having inclined to knees, and held a hand of mother of Heys which shivered, looking before herself.

"Your actions were unfair, and you perfectly understood it, – the judge in the final speech told. – This business showed to us lack of conscientiousness which has to be characteristic of the bank sphere".

Now Heys is in prison of Her Majesty in Uandsvort, the fortress constructed to the South from the Thames during the Victorian era both known for the bad conditions and unfriendly inhabitants. In October [article is published in September, 2015 – a comment perev.] six brokers accused of abuse of the influence on banks, trying to help Heys to move LIBOR rate in the necessary direction, will be forced to go on the same steps of Royal Court of Sautvork, being present at the trials. SFO reports that in the next months it will bring charges of a private order to Heys's accomplices.

Investigation on LIBOR begun by Makgonagl and his colleagues in CFTC developed into imposing of penalties approximately on twelve companies. The sum of penalties made 10 billion dollars. More than one hundred traders and brokers were dismissed or left the sphere of finance. For those who remained to work in banking the trading floor "post-heysovskoy" eras looks absolutely differently, is more constrained. LIBOR inspired by the success in the case of manipulations, law enforcement agencies successfully implemented research of manipulations in the markets of foreign currencies, precious metals and derivatives.

Banks got valuable frames in legal departments of observance of precepts of law. The permits paid by the enterprises in French Wal-d'izer and the paid dinners in Le Gavroche disappeared. Traders live in fear today that their last talk will be found and used against them. Outflow of large volume of means from the bank sphere can be explained with existence of financial crisis recently. But, as we know, none of workers of the Wall Street got to prison on the case of risky mortgage lending yet. As Heys is behind bars, and his accomplices stand in a queue on a dock, to LIBOR and the cases of collusions connected with this rate are shown same if higher, requirements within new reserved reality.

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