Not in the U.S.!

LONDON — Banks have paid billions. Regulators and prosecutors have extracted guilty pleas from financial institutions. Dozens of employees have been fired, and at least one chief executive has lost his job.

Now, on Tuesday, the first trader in the sprawling, half-decade-old investigation into the rigging of global benchmark interest rates will go on trial in Southwark Crown Court.

The British authorities have charged Tom Hayes, a 35-year-old former trader from Citigroup and UBS with eight counts of conspiracy to commit fraud. Mr. Hayes’s indictment claims that he was a ringleader among more than a dozen traders engaged in what the authorities say was a brazen attempt to manipulate the London Interbank Offered Rate, or Libor, a reference rate used to set various others, including those for student loans and mortgages.

Mr. Hayes has pleaded not guilty to all eight charges. His lawyer…