First Libor fines point the way for harsher regulation
Last year’s estimates of the likely size of fines paid over the Libor rigging scandal are proving to be far too optimistic – part of a trend of harsher penalties and more aggressive investigation among regulators in several countries
The banking sector is awaiting news of the next round of regulatory fines related to the Libor-rigging scandal. After the July 2012 settlement with Barclays – which saw the bank pay a total of $450 million to US and UK regulators – analysts expected that other banks would pay similar penalties, possibly without the 30% discount that Barclays was granted for its early settlement and co-operation
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