On 18 October, the European Commission began unannounced inspections at European banks, as part of an investigation into a suspected cartel in relation to derivative products linked to the Euro Interbank Offered Rate (EURIBOR).
As is often the case, the EURIBOR investigation is one of a number of worldwide investigations into similar matters - the US DOJ is investigating the setting of LIBOR, and Japanese officials are investigation the rate-setting process for TIBOR. UBS has previously confirmed that it is a leniency applicant in relation to those investigations.
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