The Royal Bank of Scotland has settled regulatory actions relating to its role in the manipulation of LIBOR, however the civil cost of stacking the deck is, as yet, unknown.

The priorities of market actors and the evolution of financial markets themselves may render Libor and any UK-based successor more marginal in future global financial markets.

The regulatory maelstrom that has followed the Libor scandal in the United Kingdom has posed a chilling question for Australian regulators and market participants: could the same thing happen here?