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The Swiss bank admitted its staff had rigged its Libor rate submissions for two main purposes.
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In one instance, Mr. Darin was hesitant to adjust the rate submissions too aggressively for fear of raising red flags.
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At one point in early 2007, Mr. Darin told a junior employee that a main consideration for rates submissions was the needs of Mr. Hayes and his fellow yen swaps traders.
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It has a high impact factor and a high rejection rate for submissions.
It also manipulated submissions for another short-term rate linked to the value of UK government debt.
Banks have said that their submissions for Libor are an estimate of what the rate would be if they did lend the money.
We now compare the acceptance and rejection rates for submissions to NDT Plus.
Barclays traders pushed their own money-market desks to doctor submissions for LIBOR (and for EURIBOR, a euro-based interest rate put together in Brussels).
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