The rate-setting process has enormous implications for global financial markets - and consumers.
LONDON (CNNMoney)
"Three men, aged 33, 41 and 47, have been arrested and taken to a London police station for interview in connection with the investigation into the manipulation of Libor," the Serious Fraud Office (SFO) said in a statement.
The SFO began its investigation in July after Barclays (BCLYF)admitted rigging the rate -- which is tied to an estimated $300 trillion in derivatives products around the world -- and agreed to a settlement worth $453 million with U.S. and U.K. authorities. The scandal cost Barclays' chief executive his job.
Other banks involved in setting Libor -- including JP Morgan (JPMPRD), UBS, Citigroup (C, Fortune 500), and HSBC -- have said they are also cooperating with investigators, and further settlements are expected.
Related: Commission: Reform, but don't kill, Libor
Libor is short for the London Interbank Offered Rate, a measure of the cost of borrowing between banks. It's a collection of rates generated for 10 currencies across 15 different time periods, ranging from one day to one year.
The rate-setting process has enormous implications for global financial markets -- and consumers. Roughly $10 trillion in loans worldwide -- including credit card rates, car loans, student loans and adjustable-rate mortgages -- are tied to Libor.
First Published: December 11, 2012: 7:45 AM ET
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