It would be convenient to think that yesterday’s Supreme Court judgment draws a line under the years-long Libor saga. The reality is far from it.

The court decided to quash the conviction of former trader Tom Hayes of offences of conspiracy to defraud. But it did so not because there was no evidence of those offences, but because, in the court’s view, the trial was unfair.

The apparent unfairness hinged on an........

© City A.M.