LIBOR probe 'turns to European banking giants'

Regulators have turned their attention to at least four of Europe's largest banks in a continued investigation of manipulation of the LIBOR benchmark interest rate.

HSBC, Crédit Agricole, Deutsche Bank and Société Générale have now come under scrutiny after suspicions arose surrounding the banks' alleged collusion with Barclays in manipulating the LIBOR rate, according to reports. Anonymous sources have told both the FT and Bloomberg that there is evidence of links between traders at all four banks and Barclays' former euroswaps trader Philippe Moryoussef. His strategy was based on the fixing of three-month swaps pegged to Euribor - the euro-base interbank lending rate set in Brussels by averaging 44 banks' submissions. Headlines have been dom...