Tom Hayes, the former trader found guilty of Libor manipulation, is starting a 14-year jail sentence. As David Pollard reports, his conviction won't be the end of the scandal.
A 14-year sentence, but it seems the jury's still out. Some asking: was Tom Hayes a Machiavellian manipulator at the centre of a complex web? Or a mild-mannered maths genius singled out to take a fall? CMC Market's Michael Hewson. SOUNDBITE (ENGLISH) MICHAEL HEWSON, MARKET ANALYST, CMC MARKETS, SAYING: ''I certainly do not believe that senior management were not aware of what is going on and I think really this should be the start of the process, and not the end of it.'' Monday's verdict by a London court was a landmark. The former UBS and Citigroup employee the first ever trader convicted for the Libor rate-rigging scandal. The London Interbank Offered Rate is a global benchmark interest rate used to set financial deals worth around 450 trillion dollars. Nudging it up or down, just slightly, could massively boost profits on a bank's own book. Hayes gave 82 hours of evidence to investigators - conceding he'd acted dishonestly in a market he described as the 'Wild West'. But he claimed managers were aware of what he was doing. And named and implicated around 25 other people. In legal actions so far, some of the world's biggest banks and brokerages have paid out around 9 billion dollars. 21 people have been charged - four people pleading guilty in Britain and the US, though not yet sentenced. And: no senior executives prosecuted. It's thought a second trial will begin in September - Seven Investment Management's Justin Urquhart Stewart says more light needs to be shed. (SOUNDBITE) (English) HEAD OF CORPORATE DEVELOPMENT, SEVEN INVESTMENT MANAGEMENT, JUSTIN URQUHART STEWART, SAYING: ''What you need with this is clear transparency to make sure this does not happen again - if it does, London will find it will lose out on it." On Monday, Hayes alone was sentenced. But it seems a whole industry waits to be judged.