Jailed Libor trader fined almost £900,000

A former British trader, who was jailed last year for Libor rate-rigging, was ordered Wednesday by a senior judge to pay almost £900,000 ($1.3 million, 1.1 million euros) in a confiscation order.

Tom Hayes, 36, will have to hand over assets worth £878,806, a London court ruled, with costs to be decided at a later date.

The former trader had faced a bid by the Serious Fraud Office to seize more than £2.0 million of his assets -- but a High Court judge ruled Wednesday that he should pay less than half this amount.

Hayes was jailed for 14 years in August 2015 after being convicted of rigging the benchmark Libor interbank lending rate -- a key reference for financial products -- while working for UBS and Citibank.

His sentence was later reduced on appeal to 11 years.