First Libor fines point the way for harsher regulation

Getting tough

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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 with the authorities.

But this assumption was blown out of the water in December. UBS had been seen as

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