Former trader denies charges of conspiracy to defraud related to LIBOR rigging

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A former Citibank and UBS trader has pleaded not guilty to eight charges related to rigging the London interbank lending rate, known as LIBOR.

Trader Tom Hayes pleaded not guilty Tuesday at London's Southwark Crown Court. His trial is not due to begin until 2015.

The charges against Hayes, 34, relate to the period August 2006 to September 2010.

He is charged with conspiring with employees from other leading institutions, including Deutsche Bank, UBS, JP Morgan Chase, Royal Bank of Scotland Group and HSBC.

LIBOR underpins loans and indirectly affects the cost of borrowing for houses, cars and other consumer items.

Two other defendants — Terry Farr and James Gilmour — denied separate charges.