Urgent reforms" needed as Deutsche caught in Libor row Deutsche, the only German bank to make such a disclosure, said earlier this year it was co-operating with authorities investigating accusations of manipulation of Libor. Deutsche's quarterly report refers to subpoenas and requests for information from US and European authorities in connection with setting interbank rates. Deutsche Bank has disclosed that it is co-operating with the US Department of Justice, the US Securities and Exchange Commission, the Commodity Futures Trading Commission and the European Commission on Libor. These inquiries relate to periods between 2005 and 2011. Results could come as soon as this month. It has also been revealed that Barclays is facing legal action from a futures trader who claims that her business was damaged by Barclays" manipulation of Libor. "Based on what we've seen so far, the rate-fixing scheme was apparently an open secret within Barclays, leaving a broad trail of evidence of the bank's complicity," Steve Berman, a lawyer for the investor, told Bloomberg. The investor, Karen Kalaway, was the principal of Riff-Raff Trading, based in Chicago. The scandal that has engulfed the City of London since Barclays - whose chief executive, Bob Diamond, has resigned, seemingly at the insistence of Sir Mervyn King, Governor of the Bank of England - admitted trying to manipulate Libor, comes as regulators on both sides of the Atlantic are still trying to implement new rules in the wake of the financial crisis. Commentators say the controversy further complicates the challenge for UK regulators as they juggle the public's growing distrust in banks with the need to make the financial system safer without inflicting damage on a weak economy. With the Barclays settlement coming just weeks after JP Morgan admitted to a $2bn (£1.3bn) trading loss that originated in London, the City remains under a harsh spotlight. Mr Chilton insisted that he is not "worried about leaky, London loopholes" on regulation. But the Libor scandal does show how "portable risk can be." Almost four years after the collapse of Lehman Brothers, US regulators have still not finalised the rules to implement the Dodd-Frank Act, the financial reform act passed in the summer of 2010. Mr Chilton warned that the CFTC requires more funding if it is going to be able to effectively enforce Dodd-Frank, which has banned large banks from gambling with their own money and calls for derivative products to be traded on exchanges. "We can put meat on the bones of the Dodd-Frank Act," said Mr Chilton. But we can't just expect that people will do what the rules say.