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 rateor Euriborbetween 2005 and 2009.Ex-Barclays traderColin Berminghamwho 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 wouldve 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 dailyeuro interbank offered ratealso 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.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.SEE ALSO:Notorious short seller Andrew Left can send a stock tumbling with a single tweet ' here's an inside look at how he decides which companies to targetJoin the conversation about this storyNOW WATCH: Jeff Bezos reveals what it's like to build an empire and become the richest man in the world ' and why he's willing to spend $1 billion a year to fund the most important mission of his life
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