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Regulators Subpoena 7 banks

New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating and have requested information from JP Morgan Chase, Barclays, Royal Bank of Scotland, HSBC. UBS, Deutsche Bank and Citigroup were also named in the report by Bloomberg.

In the UK the Serious Fraud Office has said it will investigate “a number of financial institutions” over the alleged manipulation of Libor and related interest rate benchmarks.

The Government has also commissioned a review of the Libor-setting system after it was widely accepted that the current system based on subjective submissions from banks is no longer viable. Sir Mervyn King, governor of the Bank of England, has been among those to say that Libor is not working and must be replaced,