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As the Libor fixing scandal embroils the UK banking sector, the question is: which other banks will be slapped with fines?
In Switzerland, UBS and Credit Suisse are also being probed by several international regulators about their role in illegal Libor fixing. This was clearly flagged by both banks in their annual reports, while the focus over the past few months has undoubtedly been on UBS.
UBS was one of the first banks to actively work with international antitrust regulators and file a lawsuit against itself for its role in the alleged Libor fixing. UBS first disclosed the probe in its 2009 annual report and explained its cooperation at greater length in its 2011 annual report.
”UBS has been granted conditional leniency or conditional immunity from authorities in certain jurisdictions," the report said.
This includes the Antitrust Division of the Department of Justice and Swiss competiition authority WEKO, as well as the Canadian Competiton Bureau for “potential competition law violations” relating to submissions of a number of Libor quotes (Swiss franc , yen Libor and Euroyen Tibor).
It added: ”As a result of these conditional grants, we will not be subject to prosecutions, fines or other sanctions for antitrust or competition law violations in the jurisdictions, subject to our cooperation”.
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