Swiss bank UBS is expected to receive a $1bn fine, to settle LIBOR manipulation allegations, according to reports.
The fine will be a new record settlement over LIBOR, beating the penalty handed out to Barclays in June, who paid $450m after breaching rules.
The total amount, about £620m, is expected to be a combined penalty from US and UK regulators, and according to reports will be confirmed early next week.
Last month the Financial Services Authority (FSA) fined the Swiss bank £29.7m for failing to prevent large scale unauthorised trading which lost the bank over $2bn.
The FSA said in a statement that UBS' systems and controls had failed to prevent trader Kweku Adoboli racking up $2.3bn of losses.
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Follows active fee cuts in June