UBS has joined Barclays in occupying an unenviable place on the list of banks to have been fined for rate rigging. But while the Swiss firm’s penalty dwarfs the one handed out to its UK peer in the summer, UBS may be spared the same reputational fallout.

Back in June, Barclays was slapped with a $450m fine by US and UK regulators for manipulating the London Interbank Offered Rate, and was promptly hauled over the coals by politicians and the public.