Reports all over the financial press (see the Financial Times 18 June 2013) would indicate that the SFO and City of London Police have charged one individual yesterday, concerning the global rate-rigging investigation.

The man in question is a former UBS and Citigroup employee, was arrested last December in the UK. He would also seem to have been the subject of an unseemly spat between the SFO and their US counterparts, the DOJ.

The DOJ expressed an interest in the said individual, and the SFO then promptly arrested him in the UK. The DOJ retaliated by filing charges in the US, which remained under seal, until they had secured a civil agreement with UBS concerning Libor rigging and a fine of $1.56 billion.

Documents released by the Americans shortly thereafter indicated that the individual’s senior management were very aware of the Libor rigging activities, yet it would appear that those individuals will not face criminal prosecution.

The Americans, unlike here in the UK, have plenty of statutory power when it comes to criminal prosecution of companies, yet they chose not to do so in the UBS Libor situation and opted instead for a massive fine. However, it looks likely that an employee of the company will face criminal prosecution in the UK. Surely food for thought for the authorities?