Quashing Becomes Final

The most likely path is that the Court of Appeal decision stands and prosecutors do not secure a further reversal. The 2025 Tom Hayes appeal and the subsequent tossing of another Libor conviction make it harder for the Serious Fraud Office to defend the old theory of benchmark-manipulation prosecutions.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.