More leading banks likely to be drawn into Libor inquiry

It follows allegations UBS manipulated the Libor interbank lending rate. Industry insiders say detailed investigations are expected to begin into the ways leading financial institutions could have artificially fixed the leading benchmark for international borrowing, the Telegraph reports. On Tuesday, UBS admitted it had "received subpoenas" from Wall Street regulator the Securities and Exchange Commission, the US Commodity Futures Trading Commission and the US Department of Justice in its annual report, published on Tuesday. The allegations relate to Libor submissions made by UBS t...