“This conflict was exacerbated by traders and submitters sitting together so that traders could simply shout requests for unlawful submissions across the trading desk,” said the financial watchdog.

In light of the findings in the LIBOR and EURIBOR investigation, Piet Moerland, the chairman of Rabobank’s executive board and its chief executive, resigned immediately, said a Reuters report.

“I fully understand and share the sense of indignation that the findings of the Libor and Euribor investigations will cause,” Moerland said in a statement.

“I wish to send a strong message on behalf of the bank and on behalf of the executive board: We sincerely apologize for, and strongly condemn, this inappropriate behavior.”

Rinus Minderhoud, a banker and member of Rabobank’s supervisory board, will succeed Moerland as chairman of its executive board.

According to the CFTC statement, more than two dozen traders were involved in the inappropriate conduct. No Rabobank employees have been charged criminally, although the investigation is continuing, the regulator said.

With the Rabobank fine, the LIBOR case is far from over for UK and US regulators. Financial heavy-hitters like Deutsche Bank and Citigroup are still under investigation, just as The Royal Bank of Scotland and ICAP, an interdealer broker based in London, are expected to settle on charges in the coming weeks.

“The sheer number of institutions and individuals involved in these cases reflects a truly shocking and brazen degree of unlawfulness, warranting the historic enforcement response we bring forth today and in our prior cases,” said David Meister, director of enforcement for the CFTC.