Where might the regulators go looking for other examples of the kind of behaviour uncovered by the Libor scandal? Well, in no particular order (and by no means comprehensively), they might start by looking at other “fixes” of benchmarks in the financial markets, where banks submit and subsequently set prices.

While there is no evidence of wrongdoing in these areas, it might be worth having a poke around the ISDA Fix, where banks submit their own swap prices; the twice daily gold fix, in which just five banks set the price of gold in London; or the fixing of gilt prices every evening. From here, regulators might move on to examine any form of auction in the financial markets, and look at the extent to which the participating banks might have been positioning themselves in advance to take advantage of whatever bids they might subsequently submit.