Three more charged over Libor rates in the UK

Three former employees of Barclays have been charged in relation to the alleged manipulation of Libor benchmark interest rates.

They were named by the UK's Serious Fraud Office (SFO) as Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich.

The three are accused of conspiracy to defraud and will make their first appearances at Westminster Magistrates’ Court in a few weeks’ time.

The SFO said it continues to work with the UK’s Financial Conduct Authority and the US Department of Justice in its Libor investigations. It has now brought 12 charges in relation to Libor, including three other former Barclays employees.

Banks have been fined billions of pounds in settlements relating to fixing of benchmark rates.

These are used for hundreds of trillions of dollars-worth of loans and transactions around the world and are calculated using submissions from panels of banks about the rates at which they believe they can borrow every day.