Comco, Switzerland's competition commission, is looking into possible manipulation of the London Interbank Offered Rate and its Japanese equivalent, the Tokyo Interbank Offered Rate. Comco is focusing on a dozen banks, including UBS and Credit Suisse. "Collusion between derivative traders might have influenced" Libor and Tibor, according to the watchdog. "Market conditions regarding derivative products based on these reference rates might have been manipulated too."

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