Ex-Barclays Trader Says Gossip Was That All Banks Fixed Euribor
- Colin Bermingham testified for third day in Euribor case
- Three former Barclays traders are on trial for rigging
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A former Barclays Plc trader facing charges of manipulating a key interest rate benchmark said the gossip in London was that many other banks were submitting Euribor rates to benefit derivatives positions.
“Markets are rather gossipy, perhaps too gossipy,” Colin Bermingham said in court Wednesday. “We would hear other banks were putting in rates because they had derivatives positions that suited higher or lower.”