The Swiss banking giant UBS has been ordered to pay a $1.5 billion fine for its role in the manipulation of the London Interbank Offered Rate, or Libor, which provides the basis for rates on trillions of dollars in transactions across the globe. The rigging of Libor meant millions of borrowers paid the wrong amount on their loans. The bulk of the fines, $1.2 billion, will be paid in the United States, with the rest going to Britain and Switzerland. As part of its settlement, UBS has also admitted to committing wire fraud through its Tokyo branch on Libor rates in Japanese currency.