The race for regulators to crack down on banks that are being investigated for the possible manipulation of the London Interbank Offered Rate – or Libor- has intensified, after the Florida State regulator issued subpoenas to six banks.

Bank of America, Societe Generale, Credit Suisse Group, Credit Agricole, Royal Bank of Canada, Rabobank and Lloyds Banking Group are among the 14 banks that have received subpoenas from Florida Attorney General Pam Bondi's office.

The Florida state regulators move swiftly follows the news that Deutsche Bank, Barclays, JPMorgan Chase, RBS, HSBC, UBS and Citigroup received subpoenas, which are related to a similar joint New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen investigation.

Written and Presented by Lianna Brinded.