By Jonathan Davies

Former City trader Tom Hayes has been found guilty of rigging global Libor interest rates.

Hayes was found guilty on all eight counts of conspiracy to defraud at Southwark Crown Court.

Each of counts carries a maximum sentence of 10 years in jail. The court is awaiting news of whether or not he will be sentenced today.

One of Hayes' former employers, UBS, said in a statement: "It [the trial] was a matter between the SFO [Serious Fraud Office] and Mr Hayes and UBS has no comment. The bank has resolved this legacy matter with most authorities."

UBS is one of several banks to have paid fines totaling $9 billion in fines and settlements over the scandal.

Hayes' was the first trader to face a criminal trial over the rigging of the Libor rate. His trial lasted around two months before the jury retired to consider its verdict.

During the trial, Hayes told the court that it was common practice and a transcript even suggested that the Libor could be rigged for so much as a Mars bar.

The former UBS and Citigroup banker also alleged that his managers, and even the CEO in some cases, were aware of what he was doing[.