LIBOR

Staff Writer Libor Jany contributed to this story.

The Court of Appeal recently upheld the convictions of two bankers jailed for rigging Euribor and the UK's Libor.

As a result, it rejected the appeals of Carlo Palombo and Tom Hayes, two former traders who were prosecuted and jailed for "manipulating" Euribor and Libor.

Tom Hayes and Carlo Palombo were among 37 City traders prosecuted for rigging rate benchmarks Libor and Euribor.

Each day, 16 banks would submit an estimate of the cost of borrowing a large sum of cash from other banks and an average would be taken to get the Libor benchmark, with a similar process to get Euribor.