However, Tracey McDermott, the acting director of enforcement and financial crime of the FSA has told a parliamentary committee that it was unlikely for there to be any criminal prosecutions of those implicated in the market manipulation.
She said the FSA is "investigating a number of institutions" as a part of the probe and did not reveal further as the investigation was "ongoing".
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Admitting that FSA had limited capacity to bring about criminal charges against the alleged manipulators, she stated "We have concluded that there was no realistic prospect to prosecute using our market offences of misconduct."
Recently, Barclays was fined GBP290 million after having admitting attempting to manipulate the Libor and Euribor rates between 2005 and 2009.
Libor (London Interbank Offered Rate) is a flagship London instrument used as an interest benchmark throughout the world, while Euribor is the eurozone equivalent.
Further, FSA president Adair Turner also said that the regulator had launched an internal investigation to identify why it had not acted on warnings received as early as 2007 that the Libor rate was being manipulated.
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