Authorities in the United States and Europe are likely to arrest individual traders in coming weeks on criminal charges of colluding to manipulate Libor, according to Reuters, which cites defense attorneys who represent traders.

The criminal investigations are occurring at the same time as regulatory investigations into how the banks handled Libor. Information gathered in the criminal investigations of traders could add to regulators' understanding of what occurred at the banks. But the criminal investigations won't alter how regulators treat the banks.

Banks whose traders are reportedly under investigation include Barclays, UBS and Citigroup.

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