By Jonathan Davies

The first criminal trial over the Libor rigging scandal started in London today (Tuesday).

Former City trader Tom Hayes is facing eight counts of conspiracy to defraud by manipulating the key interest rate, known as the Libor rate.

Mr Hayes denies the charges.

The prosecution opened by claiming that Mr Hayes, from Fleet, Hampshire, acted in a "thoroughly dishonest and manipulative manner" and did "everything in his power" to manipulate the Libor rate, to fund his own greed.

The former UBS and Citigroup trader was arrested in June 2013 and is accused of lying about the interest rates that his bank was borrowing at.

The trial is expected to last between 10 and 12 weeks, focusing on events that took place between 2006 and 2010.