Few in the City thought Tom Hayes would get off. Most agreed with the judge that it seemed an “open-and-shut case”. And most assumed he would get a hefty sentence for Libor manipulation. Still, the 14-year prison term caused widespread shock.

True, Hayes wound up the judge, who said he was appalled at the public expense of a trial of a defendant who appeared to have admitted fully his part in the offences. His refusal to plead guilty and cooperate clearly increased the penalty significantly.