The major Swiss and International bank, UBS is the second bank to be fined under the LIbor (London Interbank Offered Rate)scandal but won't be the last.

UBS is expected to be hit with total fines totalling £600 million against Barclays, who were hit with penalties totalling less than half that, implying a greater involvement in the manipulation of this highly important rate.

There are other banks still in the dock over the Libor fixing, with RBS possibly next to hit the headlines.