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Six appear in court over euro rate-rigging

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

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

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

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

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

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

At the hearing on Monday, Christian Bittar, 44, a former senior trader at Deutsche Bank, was ordered to pay a £1m bail.

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

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

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

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

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

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