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UBS $1.5bn fine over Libor rigging

19 December 2012 Last updated at 07:38 GMT

The Swiss banking giant UBS has been ordered to pay a fine of $1.5bn (£940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate.

It is the second major bank to be fined over Libor rigging after British bank Barclays was ordered to pay $450m to UK and US authorities in the summer.

Libor tracks the average rate at which the major international banks based in London lend to each other.

Imogen Foulkes reports from Geneva.