City of London lawyers are expecting further charges for individuals accused of rigging Libor, following the decision by UK prosecutors to pursue criminal charges against former UBS and Citigroup trader Tom Hayes.

Hayes was yesterday charged with eight counts of fraud in connection with the Serious Fraud Office's investigation into the manipulation of the London interbank offered rate. He will appear at Westminster Magistrates' Court on Thursday, June 20, when the individual charges are expected to be made public, according to the SFO. Hayes' lawyers, Fulcrum Chambers, declined to comment.