TORONTO Jan 3 Canada's Competition Bureau said
on Friday it is abandoning a three-year probe into whether
global banks colluded to rig the setting of Japanese yen London
Interbank Offered Rates (Libor).
"The investigation is being discontinued because the
evidence collected was insufficient to justify prosecution," the
Ottawa-based watchdog said in a statement, adding that it
cooperated with enforcement agencies in numerous jurisdictions
at part of its probe.
The investigation, which the bureau said began in early
2011, is one of several by global regulators into whether banks
manipulated rates to boost derivatives prices.
The decision to drop the probe comes just a month after
European antitrust investigators slapped a record 1.7 billion
euro ($2.3 billion) fine on six U.S. and European financial
institutions, bringing the tally of penalties related to the
rate-rigging scandal to almost $6 billion.
EU regulators have said their probe is ongoing.
The Canadian investigation looked into London-based broker
ICAP, as well as Royal Bank of Scotland, Deutsche Bank
, and the Canadian investment banking arms of JP
Morgan Chase, Citigroup and HSBC.