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[VIDEO] Recent Libor Settlements Are Just Tip of the Iceberg


Shorthand for the "London interbank offered rate," Libor is a key measure that sets the basis for interest rates on various global financial instruments. Eighteen banks submit estimates for US Dollar Libor on a daily basis, and an average is chosen.

Of those 18 banks, at least a dozen are under investigation by regulators, sources have said – and only three banks, thus far, have reached settlements on the matter.

In total RBS, Barclays and UBS will pay nearly $3 billion in fines stemming from the multi-year practice of artificially suppressing these benchmark interest rates, a practice that spanned the f...