Six appear in court over euro rate fix

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Former Deutsche Bank and Barclays vendors have appeared in court in London accused of rigging a key euro benchmark mooch rate, Euribor.

Six people attended the hearing at Westminster Magistrates’ Court, while a foster five accused did not appear.

They are the first to face criminal course of actions as a result of a Serious Fraud Office (SFO) investigation into alleged manipulation of Euribor.

The price is used to set trillions of dollars of financial contracts.

It is a cousin to the UK’s Libor and is the customarily interest rate at which eurozone banks lend to each other.

The 11 retailers are accused of conspiracy to defraud by manipulating the rate between 2005 and 2009.

At the attend to on Monday, Christian Bittar, 44, a former senior trader at Deutsche Bank, was bodied to y a £1m bail.

Achim Kraemer, 51, who the court heard still animates for Deutsche Bank, was ordered to y a security of £100,000.

Four former Barclays retailers also appeared in court and were given bail orders: Colin Bermingham, 59, from Aldeburgh, Suffolk; Carlo lombo, 37, from California; Philippe Moryoussef, 47, of Singapore; and Sisse Bohart, 38, of Denmark.

Bygone Societe Generale banker Stephane Esper was not present. Four other Deutsche Bank hands who were due to face charges also did not attend.

In August, former Bishopric trader Tom Hayes became the first person to be convicted for fixing the Libor compute.

He later had his sentence reduced from 14 years to 11 years in remand home.

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