A former trader accused of manipulating a multi-trillion-dollar market compares his alleged rigging to a 'rounding matter'
- In a recent courtroom testimony, ex-Barclays trader Colin Bermingham compared his alleged market rigging to a "rounding matter."
- Bermingham is accused, along with a handful of other individuals, of rigging the euro interbank offered rate - or Euribor - between 2005 and 2009.
Ex-Barclays trader Colin Bermingham - who stands accused to fixing an overnight rate linked to trillions of dollars of assets - claims he was naive to the wide-reaching effects of his alleged rigging.
"It would always have been in my mind that it would've been a rounding matter," said Bermingham, who was also unable to recall his thoughts or actions at the time, according to a Bloomberg report. "It was never in my mind that this would ever be affecting every citizen in the euro zone or in Europe, not in a million years."
He added, "I didn't think even a little bit that it was like cheating."
While at Barclays, Bermingham was responsible for a team whose submissions were partially responsible for pricing the daily euro interbank offered rate - also known as Euribor. He told the jury that the process was a "chore," and that he wishes he hadn't been involved.
He's on trial along with his former Barclays colleagues Carlo Palombo and Sisse Bohart. Ex-Deutsche Bank trader Achim Kraemer also stands accused. The group has denied charges that they fixed Euribor between 2005 and 2009, according to Bloomberg.
Bermingham isn't the only defendant who's made a questionable argument during the trial. Last week, in an attempt to downplay his seniority at Barclays, Palombo compared being a vice president at the firm to working at McDonald's.