The Straits Times
Published on Feb 08, 2013

More Libor fines expected by mid-year: Source


LONDON/FRANKFURT (REUTERS) - The United States (US) and Britain will by mid-year levy more fines against those alleged to have been involved in interest rate rigging, with broker ICAP and US bank Citigroup among names in the spotlight, sources close to the probe said.

"There will be more in the first half of this year," said one source with knowledge of the complex probe that is involving more than a dozen of the world's top banks and brokers. "Things are progressing... and you will see a lot more this year."

A separate source close to the investigation said JPMorgan Chase and Germany's Deutsche Bank are in focus alongside ICAP and Citigroup after United Kingdom (UK) and US regulators fined Britain's Royal Bank of Scotland on Wednesday.

US and UK regulators have fined three banks to date - RBS, Britain's Barclays and Switzerland's UBS - a total of US$2.6 billion (S$3.22 billion) for allowing traders to game Libor interbank rates in a global scam.