Guilty Verdict in First Libor Rate-rigging Trial

The first trader to face trial following the global investigation into the Libor rate-rigging scandal has been found guilty by a court in London. Former City derivatives trader Tom Hayes was convicted of 8 counts of conspiracy to defraud and sentenced to 14 years in prison. His trading activities were based around movements in the Libor rate, an interest rate used by banks worldwide to set the price of financial products worth trillions of dollars. We ask if there are likely to be more prosecutions in the future.