Knowledge (XXG)

Libor

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956:, manage the process of setting LIBOR under a new external oversight process for transparency and accountability. Banks that make submissions to LIBOR would be required to base them on actual inter-bank deposit market transactions and keep records of their transactions supporting those submissions. The review also recommended that individual banks' LIBOR submissions be published, but only after three months, to reduce the risk that they would be used as a measure of the submitting banks' creditworthiness. The review left open the possibility that regulators might compel additional banks to participate in submissions if an insufficient number do voluntarily. The review recommended criminal sanctions specifically for manipulation of benchmark interest rates such as the LIBOR, saying that existing criminal regulations for manipulation of financial instruments were inadequate. LIBOR rates may be higher and more volatile after implementation of these reforms, so financial institution customers may experience higher and more volatile borrowing and hedging costs. The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them. 192:'s independent review recommendations. Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' Libor submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates. Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms. The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them. 862:(WSJ) released a controversial study suggesting that banks might have understated borrowing costs they reported for Libor during the 2008 credit crunch. Such under-reporting could have created an impression that banks could borrow from other banks more cheaply than they could in reality. It could also have made the banking system or specific contributing bank appear healthier than it was during the 2008 credit crunch. For example, the study found that rates at which one major bank (Citigroup) "said it could borrow dollars for three months were about 0.87 percentage point lower than the rate calculated using default-insurance data." 574:. It is an index that measures the cost of funds to large global banks operating in London financial markets or with London-based counterparties. Each day, the BBA surveys a panel of banks (18 major global banks for the USD Libor), asking the question, "At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11 am?" The BBA throws out the highest four and lowest four responses, and averages the remaining middle ten, yielding a 22% 45: 247:—established various working parties, which eventually culminated in the production of the BBA standard for interest rate swaps, or "BBAIRS" terms. Part of this standard included the fixing of BBA interest-settlement rates, the predecessor of BBA Libor. From 2 September 1985, the BBAIRS terms became standard market practice. BBA Libor fixings did not commence officially before 1 January 1986. Before that date, however, some rates were fixed for a trial period commencing in December 1984. 1497: 6496: 5570: 6522: 76: 6509: 5580: 1023:, the chief executive officer of Barclays, resigned on 3 July 2012. Marcus Agius was to fill his post until a replacement is found. Jerry del Missier, chief operating officer of Barclays, also resigned. Del Missier subsequently admitted that he had instructed his subordinates to submit falsified LIBORs to the British Bankers Association. 1400:
funding conditions of the overnight Treasury repo market. As such it will reflect an economic cost of lending and borrowing relevant to a wide array of market participants active in these markets, including broker dealers, money market funds, asset managers, insurance companies, securities lenders and pension funds.
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A new code of conduct, introduced by a new interim oversight committee, builds on this by outlining the systems and controls firms need to have in place around Libor. For example, each bank must now have a named person responsible for Libor, accountable if there is any wrongdoing. The banks must keep
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In late September 2012, Barclays was fined £290m because of its attempts to manipulate the Libor, and other banks are under investigation of having acted similarly. Wheatley called for the British Bankers' Association to lose its power to determine Libor and for the FSA to be able to impose criminal
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were indexed to the US dollar Libor. In 2012, around 45 percent of prime adjustable rate mortgages and more than 80 percent of subprime mortgages were indexed to the Libor. American municipalities also borrowed around 75 percent of their money through financial products that were linked to the Libor.
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Ameribor is a benchmark interest rate created by the American Financial Exchange. Ameribor reflects the actual borrowing costs of thousands of small, medium and regional banks across America, but it is also useful for larger banks and financial institutions that do business with these banks, as well
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Libor is actually a set of indexes. There are separate Libor rates reported for seven different maturities (length of time to repay a debt) for each of five currencies. The shortest maturity is overnight, the longest is one year. In the United States, many private contracts reference the three-month
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Note in particular that it is an estimated borrowing rate, not an estimated lending rate. The average rate is computed after excluding the highest and lowest quartile of these estimates – for much of its history, there were sixteen banks in each panel, so the highest and lowest four
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On 13 November 2013, the Intercontinental Exchange (ICE) Group announced the successful completion of its acquisition of NYSE Euronext. As a result of this acquisition, NYSE Euronext Rate Administration Limited was renamed ICE Benchmark Administration Limited. The appointment of a new administrator
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Early estimates are that the rate manipulation scandal cost US states, counties, and local governments at least $ 6 billion in fraudulent interest payments, above $ 4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation.
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Libor is widely used as a reference rate for many financial instruments in both financial markets and commercial fields. There are three major classifications of interest rate fixings instruments, including standard inter bank products, commercial field products, and hybrid products that often use
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is an index proposed by Intercontinental Exchange Benchmark Administration (IBA) in January 2019 to measure the yields at which investors are willing to lend U.S. dollar funds to large, internationally active banks on a wholesale, unsecured basis over one-month, three-month and six-month periods.
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for complicity with the rate manipulation scandal. They accused Geithner of knowledge of the rate-fixing, and inaction which contributed to litigation that "threatens to clog our courts with multi-billion dollar class action lawsuits" alleging that the manipulated rates harmed state, municipal and
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reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG. Making a case would be very difficult because determining the Libor rate does not occur on an open exchange. According to people familiar with the situation, subpoenas were issued to the three
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to form a robust credit-sensitive interest rate benchmark for bank lending and risk management. AXI is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, using weights that reflect both transaction and issuance volumes. The
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SOFR is a fully transactions based rate that will have the widest coverage of any Treasury repo rate available and it will be published on a daily basis by the Federal Reserve Bank of New York beginning April 3, 2018. Because of its range of coverage, SOFR is a good representation of the general
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In response to the study released by the WSJ, the British Bankers' Association announced that Libor continues to be reliable even in times of financial crisis. According to the British Bankers' Association, other proxies for financial health, such as the default-credit-insurance market, are not
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was conducting a criminal investigation into Libor abuse. Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an advantage in predicting that day's fixing. Libor underpins approximately $
154:) is its replacement. In July 2023, the International Organization of Securities Commissions (IOSCO) said four dollar-denominated alternatives to LIBOR known as credit-sensitive rates that it did not name, had "varying degrees of vulnerability" that might appear during times of market stress. 1656:
The resulting average rate is usually abbreviated to Libor (/ˈlaɪbɔːr/) or LIBOR, or more officially to ICE LIBOR (for Intercontinental Exchange LIBOR). It was formerly known as BBA Libor (for British Bankers' Association Libor or the trademark bba libor) before the responsibility for the
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noted there were "an army of bankers, lawyers and traders" devoted to working on the transition that would need to change their focus given the switch to a new benchmark, even as there would be other jurisdictions and currencies moving off other inter-bank lending rates in years ahead.
1427:(DTCC). The Financial Conditions Credit Spread Index (FXI) follows the same methodology as AXI, but the underlying transactions are expanded beyond banks to include all financial institutions, as well as corporate funding transactions. AXI and FXI were first conceived by Antje Berndt, 1148:
According to a March 2021 estimate, major banks will spend more than US$ 100 million (~$ 111 million in 2023) transitioning away from LIBOR. From January 2022, the lending rate cannot be used as the reference rate in any new derivatives contracts, loans and credit card offers.
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for maturities up to 50 years. In the swap market a "five-year Libor" rate refers to the five-year swap rate where the floating leg of the swap references three- or six-month Libor (this can be expressed more precisely as for example "5-year rate vs 6-month Libor"). "Libor +
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are international in scope, with more than sixty nations represented among its 223 members and 37 associated professional firms as of 2008. Seventeen banks for example currently contribute to the fixing of US Dollar Libor. The panel contains the following member banks:
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From the end of July 2013, only five currencies and seven maturities will be quoted every day (35 rates), reduced from 150 different Libor rates – 15 maturities for each of ten currencies, making it more likely that the rates submitted are underpinned by real trades.
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The Across-the-Curve Credit Spread Index (AXI) is a benchmark credit spread that captures the recent cost of wholesale, unsecured debt funding for publicly listed US bank holding companies and commercial banks. It can be used in conjunction with
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for attempted manipulation of the Libor and Euribor rates. The United States Department of Justice and Barclays officially agreed that "the manipulation of the submissions affected the fixed rates on some occasions". On 2 July 2012,
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Until 1998, the shortest duration rate was one month, after which the rate for one week was added. In 2001, rates for a day and two weeks were introduced Following reforms of 2013 Libor rates are calculated for 7 maturities.
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published an article by a former trader that stated Libor manipulation had been common since at least 1991. Further reports on this have since come from the BBC and Reuters. On 28 November 2012, the Finance Committee of the
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Since the beginning of July 2013, each individual submission that comes in from the banks is embargoed for three months to reduce the motivation to submit a false rate to portray a flattering picture of creditworthiness.
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By 4 July 2012, the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal. On 6 July, it was announced that the UK
602:. Over time this grew to sixteen currencies. After a number of these currencies in 2000 merged into the euro, there remained ten currencies. Following reforms of 2013 Libor rates are calculated for five currencies. 4083: 2183: 1460:
as small and middle market companies. Ameribor has traded more than $ 550 billion (~$ 691 billion in 2023) since inception in 2015. In addition, the AFX launched Ameribor futures on August 16, 2019.
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The rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11.00 London time.
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LIBOR was discontinued in the summer of 2023. The last rates were published on 30 June 2023 before 12:00 pm UK time. The 1 month, 3 month, 6 month and 12 month Secured Overnight Financing Rate (
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Contributions must be for the currency concerned, not the cost of producing one currency by borrowing in another currency and accessing the required currency via the foreign exchange markets.
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has stated that "available data do not support the hypothesis that contributor banks manipulated their quotes to profit from positions based on fixings." Further, in October 2008 the
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times. The Libor is an estimate and is not intended in the binding contracts of a company. It is, however, specifically mentioned as a reference rate in the market standard
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brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.
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Wilson F. C. Chan (June 2011). "An Analysis of the Relationship between Choice of Interest Rate Reference & Interest Rate Risks of Corporate Borrowers", page 12.
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On 28 September, Wheatley's independent review was published, recommending that an independent organisation with government and regulator representation, called the
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necessarily more sound than Libor at times of financial crisis, though they are more widely used in Latin America, especially the Ecuadorian and Bolivian markets.
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The British Bankers' Association published a basic guide to the BBA Libor, which contains a great deal of detail as to its history and its current calculation.
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The rates must be submitted by members of staff at a bank with primary responsibility for management of a bank's cash, rather than a bank's derivative book.
5418: 4271: 3342: 1960:"CFTC Orders Barclays to pay $ 200 Million Penalty for Attempted Manipulation of and False Reporting concerning LIBOR and Euribor Benchmark Interest Rates" 6435: 5115: 4361: 2692: 2505: 2390: 1423:(TRACE), which is a mandatory post-trade reporting facility. This long-term bond component is supplemented by a short-term component using data from the 870: 227:
markets. In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably
135:, for short-term interest rates around the world. Libor was phased out at the end of 2021, and market participants are being encouraged to transition to 1424: 995:. One trader's messages indicated that for each basis point (0.01%) that Libor was moved, those involved could net "about a couple of million dollars". 2846: 1587:
Carrick Mollenkamp and Mark Whitehouse, "Study Casts Doubt on Key Rate: WSJ Analysis Suggests Banks May Have Reported Flawed Interest Data for Libor",
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local governments. The senators said that an American-based interest rate index is a better alternative which they would take steps towards creating.
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could develop an alternative index called the Bloomberg Interbank Offered Rate that would use data from transactions such as market-based quotes for
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Libor rates are calculated for five currencies and seven borrowing periods ranging from overnight to one year and are published each business day by
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The London Interbank Offered Rate (LIBOR) came into widespread use in the 1970s as a reference interest rate for transactions in offshore
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The definition of "funds" is: unsecured inter-bank cash or cash raised through primary issuance of inter-bank certificates of deposit.
457: 1980: 1104:. The new administrator was NYSE Euronext Rates Administration Limited, a London-based, UK registered company, regulated by the UK's 195:
Significant reforms, in line with the Wheatley Review, came into effect in 2013 and a new administrator took over in early 2014. The
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Newburg, Andre W.G. (July 1978). "Financing in the Euromarket by U.S. Companies: A Survey of the Legal and Regulatory Framework".
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It is in many ways the rate at which banks do not lend to each other, ... it is not a rate at which anyone is actually borrowing.
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A variety of replacements for LIBOR have been offered. In some cases, banks allow their customers to choose which rate to track.
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The British Bankers' Association said on 25 September that it would transfer oversight of LIBOR to UK regulators, as proposed by
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dollar Libor, which is the index resulting from asking the panel what rate they would pay to borrow dollars for three months.
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from a larger bank panel. A euro Libor does exist, but mainly, for continuity purposes in swap contracts dating back to pre-
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On March 7, 2018 the ARRC announced that the committee had been reconstituted and the following groups were participating.
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Additionally, some other authorities contradicted the Wall Street Journal article. In its March 2008 Quarterly Review, The
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The United Kingdom financial regulator that oversees LIBOR has announced that they'll discontinue the index by June 2023.
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The rate that each bank submits must be formed from that bank's perception of its cost of funds in the inter-bank market.
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announced the creation of the Alternative Rates Reference Committee (ARRC) to assess viable alternatives to the LIBOR.
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for Libor rates in interest rate swaps is Actual/360, except for the GBP currency for which it is Actual/365 (fixed).
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In 2016 the ARRC released its first report on the possible indices that could serve as a replacement to the LIBOR.
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may continue to publish certain synthetic rates after these dates for loans that cannot easily be transitioned.
6578: 6573: 5896: 5649: 5602: 3865: 2269: 1510: 1380: 987: 828:", when talking about a bond, means that the bond's cash flows have to be discounted on the swaps' zero-coupon 796: 512: 472: 4452: 2343: 1912: 1256: 6553: 6178: 6067: 5916: 5644: 4860: 4447: 4398: 1589: 858: 232: 136: 2958: 6278: 6238: 6004: 5654: 5545: 2154: 1602: 1292: 595: 481: 424: 414: 385: 360: 333: 236: 2073: 6339: 6319: 6293: 6283: 6243: 6111: 6072: 5974: 5931: 5921: 5906: 5886: 5775: 5300: 5290: 5057: 4905: 4772: 4750: 4683: 4487: 4393: 3188: 1395:, as its recommended alternative to the USD LIBOR. In its justification for this choice the ARRC said: 1286: 4497: 3310: 3243: 953: 6500: 6253: 6183: 6046: 5989: 5911: 5901: 5891: 5826: 5280: 5273: 4928: 4865: 4837: 4812: 4807: 4782: 4740: 4542: 4492: 4321: 4134:"Invesco USD Across-the-Curve Credit Spread Indices (AXI) now accessible via Bloomberg and Refinitiv" 3806: 2458: 1035: 1020: 992: 839: 391: 365: 313: 303: 166: 4218: 3505:"Senators Launch Investigation Into Treasury Secretary Geithner’s Involvement In Libor Manipulation" 6410: 6233: 6228: 6062: 5967: 5962: 4900: 4855: 4847: 4792: 4700: 4635: 4326: 3577:"Code of Conduct for Contributing Banks becomes Industry Guidance and Whistleblowing policy issued" 2874: 1116: 975: 967: 485: 278: 3899: 3699: 2736: 2412: 6512: 6460: 6334: 6288: 6268: 6101: 6082: 6024: 5999: 5700: 4976: 4966: 4933: 4832: 4802: 4695: 4670: 4630: 2901: 2831: 2291: 2273: 1626: 1621: 1575: 811: 664: 476: 408: 375: 228: 196: 3021: 2358: 1997: 1019:, chairman of Barclays, resigned from the position following the interest rate rigging scandal. 4177: 3866:"LIBOR Cessation and the Impact on Fallbacks – International Swaps and Derivatives Association" 3136: 6364: 6173: 6156: 6116: 6041: 6031: 6009: 5994: 4745: 4715: 3125: 3036: 2996: 2686: 2557: 2499: 2384: 1631: 652: 4017: 3550: 2627: 1998:"Barclays fined £59.5 million for significant failings in relation to LIBOR and EURIBOR" 484:—especially for those with adverse credit history. The Swiss franc Libor is also used by the 17: 6548: 6384: 6359: 6258: 6200: 6161: 6121: 5530: 4971: 4920: 4730: 4710: 4048: 1535: 1321: 1081:
The Danish, Swedish, Canadian, Australian and New Zealand Libor rates have been terminated.
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had also opened a criminal investigation into the attempted manipulation of interest rates.
815: 328: 97: 2090:"UK Treasury Minister: Government Accepts Recommendations Of Wheatley Libor Review In Full" 1976: 1772: 1750: 6248: 6195: 5226: 5147: 4645: 4552: 4517: 4507: 4477: 4351: 4247: 3781: 3686: 3535: 3511: 3461: 3349: 3217: 3132: 3097: 2905: 2054: 1191: 942: 921: 866: 658: 419: 298: 258: 244: 189: 158: 1959: 1809: 3922: 2577: 2428:"Ezra Klein's WonkBlog: Explainer: Why the LIBOR scandal is a bigger deal than JPMorgan" 1070:
The administration of Libor has itself become a regulated activity overseen by the UK's
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Please help update this article to reflect recent events or newly available information.
6475: 6455: 6415: 6354: 6136: 6106: 5659: 5625: 5253: 4797: 4537: 4425: 4316: 4311: 3700:"New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals" 3655:"BBA to hand over administration of LIBOR to NYSE Euronext Rate Administration Limited" 1428: 1271: 1124: 1038: 627: 204: 80: 6542: 6273: 6205: 6190: 6019: 5130: 4910: 4688: 4640: 4620: 4532: 3469: 3353: 1515: 1231: 1211: 1138: 1097: 999: 963: 874: 851: 676: 599: 442: 288: 283: 268: 181: 173: 124: 2854: 2123:
Anthony Browne, chief executive of the British Bankers' Association (11 July 2013).
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documentation, which are used by parties wishing to transact in over-the-counter
6470: 6324: 6146: 6141: 6014: 5849: 4939: 4787: 4762: 4755: 4576: 4403: 4256: 4251: 3632: 3603:"BBA Libor Limited has established the Interim LIBOR Oversight Committee (ILOC)" 3465: 1609: 1316: 829: 825: 639: 273: 3396: 3284: 3166: 3101: 3085: 2635:, New York: Federal Reserve Bank of New York, p. 4, Staff Report No. 667, 2599: 1720: 6425: 6298: 5805: 5785: 4615: 3657:(Press release). The British Bankers' Association. 9 July 2013. Archived from 2981: 1555: 1492: 1328: 1226: 784: 590:
In 1986, the Libor initially fixed rates for three currencies. These were the
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ICE Benchmark Administration Ltd take responsibility for administrating LIBOR
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proposal of EU-wide benchmark regulation that may affect Libor as well.
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In June 2017, the ARRC announced a broad Treasury repo financing rate,
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Contributions must represent rates formed in London and not elsewhere.
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Enrich, David; Mollenkamp, Carrick; Eaglesham, Jean (18 March 2011).
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LIBOR: Origins, Economics, Crisis, Scandal, and Reform (staff report)
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Its usage is intended to be similar to how Libor is currently used.
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records so that they can be audited by the regulators if necessary.
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average calculated from estimates submitted by the leading banks in
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1 year LIBOR rate at MoneyCafe.com with historical data and graph
3840:"Libor Enters 'Final Chapter' as Global Regulators Set End Dates" 3727:"Libor is dead. Now hundreds of experts must reinvent themselves" 3579:(Press release). The British Bankers' Association. 15 July 2013. 3553:(Press release). The British Bankers' Association. 12 June 2013. 2739:(Press release). The British Bankers' Association. 2 April 2013. 2020:"Libor Spurned, Credit Score Review, Germany's Audit: Compliance" 934:
sanctions as well as other changes in a ten-point overhaul plan.
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In the UK, the three-month British pound Libor is used for some
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The LIBOR index for adjustable-rate loans is being discontinued
5818: 3969:"Membership for ARRC Broadened to Facilitate LIBOR Transition" 3367:"Barclays chairman resigns over interest rate rigging scandal" 2074:"Libor reform may add volatility, increase some funding costs" 1622:"Libor, Long the Most Important Number in Finance, Dies at 52" 1186: 633: 38: 4035:
Berndt, Antje; Duffie, Darrell; Zhu, Yichao (1 August 2023).
112: 3891:"Libor to take firm step towards oblivion on New Year's Day" 1687:
30 October 2014 at Wikiwix – CityWire 29 June 2012 at 17:05.
1657:
administration was transferred to Intercontinental Exchange.
3631:(Press release). NYSE Euronext. 9 July 2013. Archived from 3343:
Why is Nobody Freaking Out About the LIBOR Banking Scandal?
1614:
Everything Is Rigged: The Biggest Price-Fixing Scandal Ever
106: 1721:"Barclays fined for attempts to manipulate key bank rates" 838:
basis points to equal the bond's actual market price. The
3702:(Press release). European Commission. 18 September 2013. 2180:"UK Government Policy: Creating stronger and safer banks" 1849:
Mccrank, John; Chavez-Dreyfuss, Gertrude (30 June 2023).
4018:"Dr Yichao Zhu | College of Business and Economics" 2710:"Welcome to bbalibor: Frequently Asked Questions (FAQs)" 2318:"The Man Who Invented the World's Most Important Number" 3775: 3773: 3167:"Libor interest rate riggers 'should face prosecution'" 3997:"ARRC Releases Second Report on Transition from LIBOR" 3753:"How the London Inter-Bank Offered Rate (LIBOR) Works" 3397:"Barclays boss Bob Diamond resigns amid Libor scandal" 3181:"UPDATE 4-UK seeks to mend "broken" Libor, not end it" 1682:
Q&A: what is Libor and what did Barclays do to it?
468:
In the United States in 2008, around sixty percent of
3316:. United States Department of Justice. 26 June 2012. 3086:
Libor scandal: Review finds system 'no longer viable'
2845:
Mollenkamp, Carrick; Whitehouse, Mark (29 May 2008).
1699:"Q&A: What is Libor, and how does it affect you?" 1312:
Securities Industry and Financial Markets Association
683:
Note that the Euro LIBOR should not be confused with
2980:
Gyntelberg, Jacob; Wooldridge, Philip (March 2008).
2407:
Schweitzer, Mark; Venkatu, Guhan (21 January 2009).
2046:
Alexis Levine and Michael Harquail (5 October 2012)
1808:
Miranda Marquit; Benjamin Curry (6 September 2022).
1775:. UK Financial Conduct Authority (FCA). 15 July 2019 1753:. UK Financial Conduct Authority (FCA). 26 July 2017 495:
denominated interest rate products, however, is the
115: 109: 103: 6393: 6312: 6219: 6091: 6055: 5955: 5874: 5668: 5632: 5499: 5316: 5215: 5080: 5073: 4989: 4919: 4846: 4821: 4669: 4658: 4603: 4470: 4461: 4340: 4294: 3529:"Rigged LIBOR costs states, localities $ 6 billion" 3476:
on 4 July 2012 regarding the emerging LIBOR Scandal
2931:"House of Commons - Treasury - Minutes of Evidence" 2411:. Federal Reserve Bank of Cleveland. Archived from 1620:Nguyen, Lananh; Smialek, Jeanna (12 January 2022). 1182:The ARRC will comprise the following institutions: 100: 3898: 2982:"Interbank rate fixings during the recent turmoil" 2598:. The British Bankers' Association. Archived from 2543:"SARON® – An innovation for the financial markets" 2409:"Adjustable-Rate Mortgages and the Libor Surprise" 2316:Finch, Gavin and Liam Vaughan (29 November 2016). 2237:(Press release). UK Government. 19 December 2012. 1327:In addition, the following agencies will serve as 814:based on short Libor rates currently trade on the 180:connected to the rate submissions, leading to the 5264:Glasgow International Financial Services District 4041:Financial Markets, Institutions & Instruments 4217:ICE Benchmark Administration (25 January 2019). 3062:My thwarted attempt to tell of Libor shenanigans 2292:International Monetary Fund, Annual Report, 1981 2048:"Wheatley Review May Mean Big Changes for LIBOR" 2013: 2011: 1336:Board of Governors of the Federal Reserve System 1112:is a major step forward in the reform of LIBOR. 169:and other financial products are tied to Libor. 2870:"Former MPC man calls for Libor to be replaced" 2235:"Financial Services Bill receives Royal Assent" 1397: 1252:International Swaps and Derivatives Association 1100:took over the administration of Libor from the 525: 509:International Swaps and Derivatives Association 172:In June 2012, multiple criminal settlements by 4069:"Across-the-Curve Credit Spread Indices (AXI)" 3782:"What Is Libor And Why Is It Being Abandoned?" 3149:"Libor: government urged to implement reforms" 3102:Libor review: Wheatley says system must change 2781:"Three Month Sterling (Short Sterling) Future" 2731: 2729: 2727: 2725: 2723: 1909:"ICE Benchmark Administration (IBA) ICE LIBOR" 1810:"What Is Libor And Why Is It Being Abandoned?" 1431:, and Yichao Zhu, and were operationalized by 1122:Following its cessation, industry publication 986:On 28 February 2012, it was revealed that the 930:held a hearing to learn more about the issue. 324:Sumitomo Mitsui Banking Corporation Europe Ltd 243:(BBA)—working with other parties, such as the 6481:List of housing markets by real estate prices 5834: 5610: 4272: 3072:of this article is on the author's web site.) 2552:. Archived from the original on 16 July 2011. 2182:. UK Government. 17 July 2013. Archived from 885:, later used the same description before the 488:as their reference rate for monetary policy. 8: 4100:: CS1 maint: multiple names: authors list ( 2174: 2172: 1415:primary underlying input data source is the 1405:Across-the-Curve Credit Spread Indices (AXI) 1277:National Association of Corporate Treasurers 578:. The average is reported at 11:30 am. 176:revealed significant fraud and collusion by 3211:"Libor tender puts focus on data providers" 2959:"U.S. Libor Probe Includes BofA, Citi, UBS" 2229: 2227: 2068: 2066: 1425:Depository Trust & Clearing Corporation 6521: 5841: 5827: 5819: 5617: 5603: 5595: 5077: 4666: 4467: 4279: 4265: 4257: 4243:The Wheatley Review of LIBOR: Final Report 4152:"A scramble to replace LIBOR is under way" 2704: 2702: 2151:"BBA Libor Benchmark Administrator's News" 2118: 2116: 2114: 2112: 2110: 2108: 2106: 2104: 2102: 2100: 2084: 2082: 1795:"Transition from LIBOR to risk-free rates" 1133:LIBOR cessation and alternatives available 865:In September 2008, a former member of the 4052: 2626:Hou, David; Skeie, David (1 March 2014), 2521:"Rate Scandal Stirs Scramble for Damages" 2206:"UK Parliament General Committee Debates" 2042: 2040: 1371:U.S. Commodity Futures Trading Commission 1366:Office of the Comptroller of the Currency 1306:Loan Syndications and Trading Association 533:This definition is amplified as follows: 4037:"Across-the-Curve Credit Spread Indices" 2621: 2619: 2617: 1971: 1969: 1300:Independent Community Bankers of America 775:GBP and CHF LIBOR futures are traded on 4573:2020 Withdrawal from the European Union 4513:Second Industrial Revolution 1860s–1914 3948:"Alternative Rates Reference Committee" 2868:Osborne, Alistair (11 September 2008). 1954: 1952: 1674: 1649: 1481:Alternatives for Yen LIBOR include the 1417:Financial Industry Regulatory Authority 1376:U.S. Securities and Exchange Commission 1237:Government Finance Officers Association 1137:Due to multiple factors, including the 1045:announced that they were investigating 4093: 3373:. Reuters. 2 July 2012. Archived from 3244:"U.S. conducting criminal Libor probe" 2769:from the original on 3 September 2010. 2716:from the original on 12 November 2010. 2691:: CS1 maint: archived copy as title ( 2684: 2673:from the original on 24 September 2015 2555: 2504:: CS1 maint: archived copy as title ( 2497: 2486:from the original on 24 September 2015 2449:Research Economist (1 November 2013). 2389:: CS1 maint: archived copy as title ( 2382: 2346:from the original on 26 February 2018. 1992: 1990: 1903: 1901: 1899: 1897: 1222:Federal Home Loan Mortgage Corporation 779:(ICE) and on CurveGlobal, part of the 3706:from the original on 19 December 2013 3285:"Libor scandal: Who might have lost?" 3233:, "Bloomberg News", 28 September 2012 3220:, "Financial News", 28 September 2012 2763:"Welcome to bbalibor: BBA Repo Rates" 2584:from the original on 13 October 2010. 2371:from the original on 24 February 2013 1421:Trade Reporting and Compliance Engine 1346:Federal Deposit Insurance Corporation 1282:Pacific Investment Management Company 1217:Federal National Mortgage Association 1161:Alternative Reference Rates Committee 892:To further bring this case to light, 7: 6508: 5579: 5296:London Platinum and Palladium Market 3780:Marquit, Miranda (22 October 2020). 3029:World Economic and Financial Surveys 2765:. The British Bankers' Association. 2737:"LIBOR becomes a regulated activity" 2712:. The British Bankers' Association. 2580:. The British Bankers' Association. 2241:from the original on 13 January 2014 2153:. The British Bankers' Association. 1606:, 25 September 2008, pp. 11–12. 1439:Ltd. AXI and FXI are accessible via 1341:Consumer Financial Protection Bureau 1004:Commodity Futures Trading Commission 4178:"American Financial Exchange (AFX)" 3807:"Announcements on the end of LIBOR" 3583:from the original on 13 August 2013 3403:from the original on 22 April 2017. 3187:. 28 September 2012. Archived from 3147:Treanor, Jill (28 September 2012). 3022:"Global Financial Stability Report" 2208:. UK Parliament. 27 February 2013. 2072:Karen Brettell (28 September 2012) 1593:, Thursday, 29 May 2008, p. 1. 1008:United States Department of Justice 458:Collateralized mortgage obligations 6466:Undergraduate real estate programs 4219:"U.S. Dollar ICE Bank Yield Index" 3897:. 29 December 2021. Archived from 3527:Darrell Preston (10 October 2012) 3272:from the original on 24 July 2012. 3229:Ben Moshinsky and Lindsay Fortado 2993:Bank for International Settlements 2969:from the original on 10 July 2017. 2937:from the original on 16 March 2017 2916:from the original on 9 July 2012. 2519:Popper, Nathaniel (10 July 2012). 2471:LIBOR: Frequently Asked Questions 2438:from the original on 10 June 2016. 2093:Dow Jones Newswires / Fox Business 2088:Ainsley Thomson (17 October 2012) 2060:(Blake, Cassels & Graydon LLP) 2004:from the original on 28 June 2012. 1983:from the original on 13 July 2012. 1945:from the original on 12 July 2012. 1709:from the original on 11 July 2012. 978:transactions and corporate bonds. 906:Bank for International Settlements 25: 6264:Investment rating for real estate 5526:Confederation of British Industry 4721:Expansion plans for Milton Keynes 4384:Department for Business and Trade 4379:Competition and Markets Authority 3923:"LIBOR pains : Planet Money" 3609:from the original on 15 July 2013 3557:from the original on 23 June 2013 3444:from the original on 9 July 2017. 3323:from the original on 15 July 2012 3291:from the original on 28 June 2012 3060:Keenan, Douglas (27 July 2012), " 2906:"Inconvenient truths about Libor" 2882:from the original on 9 April 2014 2743:from the original on 22 June 2013 2642:from the original on 16 June 2015 2578:"Welcome to bbalibor: The Basics" 2531:from the original on 9 July 2017. 2157:from the original on 22 June 2013 2018:Main, Carla (26 September 2012). 1915:from the original on 2 April 2015 1731:from the original on 27 June 2012 1697:Zibel, Alan (30 September 2008). 914:Global Financial Stability Review 6520: 6507: 6495: 6494: 5578: 5569: 5568: 4421:Office for Budget Responsibility 2212:from the original on 7 July 2013 1495: 1470:U.S. Dollar ICE Bank Yield Index 1464:U.S. Dollar ICE Bank Yield Index 1387:Secured Overnight Financing Rate 1356:Federal Reserve Bank of New York 1171:Federal Reserve Bank of New York 96: 43: 4357:Governor of the Bank of England 4202:Alex Harris (25 January 2019). 3551:"Announcement of LIBOR changes" 3503:HITC Business (4 October 2012) 3489:. Bloomberg L.P. Archived from 3464:coverage of a discussion among 2847:"Study Casts Doubt on Key Rate" 2426:Matthews, Dylan (5 July 2012). 879:Governor of the Bank of England 463:Collateralized debt obligations 350:Libor as their reference rate. 6421:Graduate real estate education 5866:Tertiary sector of the economy 5536:Federation of Small Businesses 3169:. BBC News. 28 September 2012. 2830:. bbalibor.com. Archived from 1773:"LIBOR: preparing for the end" 1351:Federal Housing Finance Agency 1156:Alternatives for the USD LIBOR 1034:On 4 October 2012, Republican 89:London Inter-Bank Offered Rate 1: 5306:Alternative Investment Market 5286:London Interbank Offered Rate 5242:List of UK building societies 4288:Economy of the United Kingdom 4120:www.invescosofracademyaxi.com 3417:. 4 July 2012. Archived from 3283:Pollock, Ian (28 June 2012). 1616:, Rolling Stone 25 April 2013 945:and CEO-designate of the new 491:The usual reference rate for 79:Libor gets its name from the 18:London Interbank Offered Rate 6559:United States housing bubble 6375:Real estate investment trust 5980:Extraterrestrial real estate 5521:British Chambers of Commerce 5516:British Bankers' Association 3474:Viewpoint with Eliot Spitzer 3432:Scott, Mark (16 July 2012). 1911:. IntercontinentalExchange. 1483:Tokyo Overnight Average Rate 1361:Office of Financial Research 1115:The scandal also led to the 1012:Financial Services Authority 939:Financial Services Authority 264:Bank of Tokyo-Mitsubishi UFJ 241:British Bankers' Association 186:Financial Services Authority 6380:Real property administrator 6370:Real estate investment club 4409:Chancellor of the Exchequer 4389:Financial Conduct Authority 4082:Invesco Ltd; SOFR Academy. 3033:International Monetary Fund 1143:Financial Conduct Authority 1106:Financial Conduct Authority 1102:British Bankers Association 1076:Financial Services Act 2012 1072:Financial Conduct Authority 947:Financial Conduct Authority 910:International Monetary Fund 801:Chicago Mercantile Exchange 795:futures) are traded on the 789:Chicago Mercantile Exchange 787:futures) are traded on the 781:London Stock Exchange Group 722:Inactive from December 2021 616:Inactive from December 2021 566:Libor is calculated by the 501:European Banking Federation 396:Interest rate cap and floor 354:Standard interbank products 213:Financial Services Act 2012 30:For the personal name, see 6595: 6037:Private equity real estate 5556:UK Payments Administration 4508:New Imperialism 1830s–1945 4332:Government-owned companies 3455:Capitalism Without Failure 2127:. City A.M. Archived from 1935:"Behind the Libor Scandal" 1875:Jones, Huw (3 July 2023). 1477:Alternatives for Yen LIBOR 1167:U.S. Federal Reserve Board 856:On Thursday, 29 May 2008, 849: 29: 6489: 5985:International real estate 5856: 5564: 4631:National champions policy 4626:Recessions and recoveries 4543:1979 Winter of Discontent 4478:1659–1849 Navigation Acts 4453:UK Trade & Investment 4362:Monetary Policy Committee 3472:, and Dennis Kelleher on 3399:. BBC News. 3 July 2012. 2562:: CS1 maint: unfit URL ( 1257:JP Morgan Chase & Co. 1247:Intercontinental Exchange 887:Treasury Select Committee 871:Monetary Policy Committee 791:. JPY LIBOR futures (aka 783:. USD LIBOR futures (aka 777:Intercontinental Exchange 568:Intercontinental Exchange 513:interest rate derivatives 473:adjustable-rate mortgages 402:Commercial field products 52:This article needs to be 5650:Interbank lending market 4568:2009 bank rescue package 4563:2008 bank rescue package 4528:1929–39 Great Depression 4399:HM Revenue & Customs 4307:Employee-owned companies 2297:(Report). pp. 52–53 2270:American Bar Association 2053:15 November 2012 at the 1511:Interbank lending market 1381:U.S. Treasury Department 1002:was fined $ 200m by the 988:US Department of Justice 797:Tokyo Financial Exchange 233:foreign currency options 199:regulates Libor through 137:risk-free interest rates 6179:Real estate transaction 6068:Real estate development 5645:Effective interest rate 4736:List of counties by GVA 4518:1873–79 Long Depression 4483:Agricultural Revolution 4448:UK Statistics Authority 3510:17 January 2013 at the 3216:1 November 2012 at the 2963:The Wall Street Journal 2851:The Wall Street Journal 1590:The Wall Street Journal 982:Criminal investigations 894:The Wall Street Journal 859:The Wall Street Journal 846:Reliability and scandal 766:Libor-based derivatives 570:(ICE) and published by 451:Target redemption notes 425:Variable rate mortgages 415:certificates of deposit 388:, e.g. Libor–OIS spread 386:Overnight indexed swaps 361:Forward rate agreements 237:forward rate agreements 27:Interest rate benchmark 6279:Real estate derivative 6239:Effective gross income 6005:Healthcare real estate 5655:Overnight indexed swap 5546:Institute of Directors 5511:Business organisations 5436:Science and technology 5329:International students 5041:Working Time Directive 4414:Debt Management Office 3534:23 August 2014 at the 3131:4 January 2013 at the 2828:"Calculating Interest" 2802:"Our product offering" 2596:"bbalibor: The Basics" 1603:London Review of Books 1402: 1293:Federal Home Loan Bank 912:published its regular 700:Active until June 2023 628:British pound sterling 606:Active until June 2023 596:British pound sterling 531: 454:Hybrid perpetual notes 448:Step up callable notes 334:Royal Bank of Scotland 84: 6436:Industry trade groups 6340:Exclusive buyer agent 6294:Real estate valuation 6284:Real estate economics 6244:Gross rent multiplier 6073:Real estate investing 5975:Corporate Real Estate 5541:Industry trade groups 5301:London Stock Exchange 5291:London Metal Exchange 5058:Trades Union Congress 4751:East London Tech City 4595:Cost-of-living crisis 4533:1948–52 Marshall Plan 4488:Industrial Revolution 3685:25 March 2014 at the 1751:"The future of LIBOR" 1598:"What's in a Number?" 1331:members of the ARRC: 991:350 trillion in 919:On 27 July 2012, the 523:Libor is defined as: 392:Interest rate options 366:Interest rate futures 211:. In particular, the 78: 6254:Highest and best use 6220:Economics, financing 6184:Real estate contract 6078:Real estate flipping 6047:Residential property 5990:Lease administration 5942:United Arab Emirates 5335:Entertainment & 4558:Late-2000s recession 4553:1992 Black Wednesday 4493:Financial Revolution 4322:FTSE Fledgling Index 4138:www.businesswire.com 3487:"Bloomberg Business" 3460:11 July 2012 at the 3421:on 10 February 2013. 3311:"Statement of Facts" 3262:"Libor: Eagle fried" 3035:: 76. October 2008. 2989:BIS Quarterly Review 2602:on 23 September 2015 1029:Serious Fraud Office 840:day count convention 314:Royal Bank of Canada 304:Lloyds Banking Group 6234:Capitalization rate 6229:Asset-based lending 6063:Property management 5968:Commercial building 5963:Commercial property 5031:Equal opportunities 4636:Economic liberalism 4538:1974 Three-Day Week 4523:1926 general strike 4327:FTSE SmallCap Index 4158:. 27 September 2018 4140:. 1 September 2022. 3903:on 10 December 2022 3348:7 July 2012 at the 3250:. 28 February 2012. 3100:(10 August 2012), " 3084:(10 August 2012), " 2902:Flanders, Stephanie 2875:The Daily Telegraph 2808:on 22 December 2019 2432:The Washington Post 2262:The Business Lawyer 1835:, 7 December 2021, 1117:European Commission 976:credit default swap 968:European Parliament 812:Interest rate swaps 807:Interest rate swaps 486:Swiss National Bank 409:Floating rate notes 376:Interest rate swaps 279:Credit Agricole CIB 229:interest rate swaps 6564:1984 introductions 6461:Real estate trends 6365:Real estate broker 6335:Chartered Surveyor 6289:Real estate bubble 6269:Mortgage insurance 6102:Adverse possession 6025:Luxury real estate 6000:Garden real estate 5701:Federal funds rate 5446:Telecommunications 4611:Economic geography 4096:cite press release 4088:www.prnewswire.com 4054:10.1111/fmii.12172 3438:The New York Times 2525:The New York Times 2461:on 8 October 2012. 2186:on 17 October 2013 2131:on 4 November 2013 1939:The New York Times 1797:. Bank of England. 1627:The New York Times 1596:Donald MacKenzie, 1576:LIBOR market model 1047:Treasury Secretary 1010:and £59.5m by the 941:managing director 735:Inactive from 2013 665:New Zealand dollar 647:Inactive from 2013 557:Technical features 477:subprime mortgages 197:British government 188:managing director 85: 6569:Economy of London 6536: 6535: 6174:Property abstract 6157:Land registration 6117:Concurrent estate 6042:Real estate owned 6032:Off-plan property 6010:Vacation property 5995:Niche real estate 5816: 5815: 5766:Singaporean SIBOR 5592: 5591: 5495: 5494: 5274:Lloyd's of London 4985: 4984: 4957:Industrialisation 4871:Industrialisation 4654: 4653: 4583:COVID-19 pandemic 4503:1815–46 Corn Laws 1703:The Seattle Times 998:On 27 June 2012, 653:Australian dollar 73: 72: 16:(Redirected from 6586: 6524: 6523: 6511: 6510: 6498: 6497: 6441:Investment firms 6360:Property manager 6259:Home equity loan 6162:Leasehold estate 6122:Conditional sale 5843: 5836: 5829: 5820: 5619: 5612: 5605: 5596: 5582: 5581: 5572: 5571: 5531:Co-operatives UK 5121:Hydroelectricity 5096:Renewable energy 5078: 4962:Renewable energy 4943: 4891:Renewable energy 4679:Atlantic Gateway 4667: 4498:Panic of 1796–97 4468: 4281: 4274: 4267: 4258: 4226: 4225: 4223: 4214: 4208: 4207: 4199: 4193: 4192: 4190: 4188: 4174: 4168: 4167: 4165: 4163: 4148: 4142: 4141: 4130: 4124: 4123: 4112: 4106: 4105: 4099: 4091: 4090:(Press release). 4079: 4073: 4072: 4065: 4059: 4058: 4056: 4032: 4026: 4025: 4014: 4008: 4007: 4005: 4003: 3993: 3987: 3986: 3984: 3982: 3973: 3965: 3959: 3958: 3956: 3954: 3944: 3938: 3937: 3935: 3933: 3919: 3913: 3912: 3910: 3908: 3902: 3887: 3881: 3880: 3878: 3876: 3862: 3856: 3855: 3853: 3851: 3836: 3823: 3822: 3820: 3818: 3803: 3797: 3796: 3794: 3792: 3777: 3768: 3767: 3765: 3763: 3748: 3742: 3741: 3739: 3737: 3731:www.fnlondon.com 3722: 3716: 3715: 3713: 3711: 3696: 3690: 3677: 3671: 3670: 3668: 3666: 3651: 3645: 3644: 3642: 3640: 3625: 3619: 3618: 3616: 3614: 3599: 3593: 3592: 3590: 3588: 3573: 3567: 3566: 3564: 3562: 3547: 3541: 3525: 3519: 3501: 3495: 3494: 3493:on 12 July 2012. 3483: 3477: 3452: 3446: 3445: 3429: 3423: 3422: 3411: 3405: 3404: 3393: 3387: 3386: 3384: 3382: 3363: 3357: 3339: 3333: 3332: 3330: 3328: 3322: 3315: 3307: 3301: 3300: 3298: 3296: 3280: 3274: 3273: 3268:. 30 June 2012. 3258: 3252: 3251: 3240: 3234: 3227: 3221: 3207: 3201: 3200: 3198: 3196: 3177: 3171: 3170: 3163: 3157: 3156: 3144: 3138: 3123: 3117: 3111: 3105: 3095: 3089: 3079: 3073: 3070:extended version 3058: 3052: 3051: 3049: 3047: 3026: 3018: 3012: 3011: 3009: 3007: 2986: 2977: 2971: 2970: 2954: 2948: 2946: 2944: 2942: 2927: 2921: 2920: 2898: 2892: 2891: 2889: 2887: 2865: 2859: 2858: 2853:. Archived from 2842: 2836: 2835: 2834:on 21 June 2012. 2824: 2818: 2817: 2815: 2813: 2804:. Archived from 2798: 2792: 2791: 2789: 2787: 2777: 2771: 2770: 2759: 2753: 2752: 2750: 2748: 2733: 2718: 2717: 2706: 2697: 2696: 2690: 2682: 2680: 2678: 2672: 2665: 2657: 2651: 2650: 2649: 2647: 2641: 2634: 2623: 2612: 2611: 2609: 2607: 2592: 2586: 2585: 2574: 2568: 2567: 2561: 2553: 2547: 2539: 2533: 2532: 2516: 2510: 2509: 2503: 2495: 2493: 2491: 2485: 2478: 2469: 2463: 2462: 2457:. Archived from 2446: 2440: 2439: 2423: 2417: 2416: 2404: 2395: 2394: 2388: 2380: 2378: 2376: 2370: 2363: 2354: 2348: 2347: 2336: 2330: 2329: 2327: 2325: 2313: 2307: 2306: 2304: 2302: 2296: 2288: 2282: 2281: 2257: 2251: 2250: 2248: 2246: 2231: 2222: 2221: 2219: 2217: 2202: 2196: 2195: 2193: 2191: 2176: 2167: 2166: 2164: 2162: 2147: 2141: 2140: 2138: 2136: 2120: 2095: 2086: 2077: 2070: 2061: 2044: 2035: 2034: 2032: 2030: 2015: 2006: 2005: 1994: 1985: 1984: 1973: 1964: 1963: 1956: 1947: 1946: 1941:. 10 July 2012. 1931: 1925: 1924: 1922: 1920: 1905: 1892: 1891: 1889: 1887: 1872: 1866: 1865: 1863: 1861: 1846: 1840: 1839: 1827: 1821: 1820: 1818: 1816: 1805: 1799: 1798: 1791: 1785: 1784: 1782: 1780: 1769: 1763: 1762: 1760: 1758: 1747: 1741: 1740: 1738: 1736: 1727:. 27 June 2012. 1717: 1711: 1710: 1694: 1688: 1679: 1668: 1664: 1658: 1654: 1639: 1536:Libor-OIS spread 1505: 1500: 1499: 1498: 1322:World Bank Group 1050:Timothy Geithner 1006:, $ 160m by the 954:Tender Committee 837: 824: 816:interbank market 499:compiled by the 420:Syndicated loans 329:Norinchukin Bank 319:Société Générale 122: 121: 118: 117: 114: 111: 108: 105: 102: 68: 65: 59: 47: 46: 39: 21: 6594: 6593: 6589: 6588: 6587: 6585: 6584: 6583: 6579:Swaps (finance) 6574:Reference rates 6539: 6538: 6537: 6532: 6485: 6389: 6308: 6249:Hard money loan 6221: 6215: 6196:Rent regulation 6087: 6051: 5951: 5870: 5852: 5847: 5817: 5812: 5726:Ukrainian KIBOR 5721:Pakistani KIBOR 5664: 5628: 5626:Reference rates 5623: 5593: 5588: 5560: 5503: 5501: 5491: 5399:Pharmaceuticals 5312: 5227:Baltic Exchange 5218: 5211: 5083: 5069: 4991: 4981: 4937: 4915: 4842: 4824: 4817: 4662: 4660: 4650: 4646:Nationalisation 4599: 4457: 4352:Bank of England 4344: 4342: 4336: 4290: 4285: 4248:Financial Times 4234: 4229: 4221: 4216: 4215: 4211: 4201: 4200: 4196: 4186: 4184: 4176: 4175: 4171: 4161: 4159: 4150: 4149: 4145: 4132: 4131: 4127: 4114: 4113: 4109: 4092: 4081: 4080: 4076: 4067: 4066: 4062: 4034: 4033: 4029: 4016: 4015: 4011: 4001: 3999: 3995: 3994: 3990: 3980: 3978: 3971: 3967: 3966: 3962: 3952: 3950: 3946: 3945: 3941: 3931: 3929: 3921: 3920: 3916: 3906: 3904: 3895:Financial Times 3889: 3888: 3884: 3874: 3872: 3864: 3863: 3859: 3849: 3847: 3838: 3837: 3826: 3816: 3814: 3805: 3804: 3800: 3790: 3788: 3779: 3778: 3771: 3761: 3759: 3750: 3749: 3745: 3735: 3733: 3724: 3723: 3719: 3709: 3707: 3698: 3697: 3693: 3687:Wayback Machine 3678: 3674: 3664: 3662: 3661:on 13 July 2013 3653: 3652: 3648: 3638: 3636: 3635:on 18 July 2013 3627: 3626: 3622: 3612: 3610: 3601: 3600: 3596: 3586: 3584: 3575: 3574: 3570: 3560: 3558: 3549: 3548: 3544: 3536:Wayback Machine 3526: 3522: 3512:Wayback Machine 3502: 3498: 3485: 3484: 3480: 3462:Wayback Machine 3453: 3449: 3431: 3430: 3426: 3413: 3412: 3408: 3395: 3394: 3390: 3380: 3378: 3365: 3364: 3360: 3350:Wayback Machine 3340: 3336: 3326: 3324: 3320: 3313: 3309: 3308: 3304: 3294: 3292: 3282: 3281: 3277: 3260: 3259: 3255: 3242: 3241: 3237: 3228: 3224: 3218:Wayback Machine 3209:Michelle Price 3208: 3204: 3194: 3192: 3179: 3178: 3174: 3165: 3164: 3160: 3146: 3145: 3141: 3133:Wayback Machine 3124: 3120: 3112: 3108: 3098:BBC News Online 3096: 3092: 3080: 3076: 3066:Financial Times 3059: 3055: 3045: 3043: 3024: 3020: 3019: 3015: 3005: 3003: 2984: 2979: 2978: 2974: 2956: 2955: 2951: 2940: 2938: 2929: 2928: 2924: 2904:(4 July 2012). 2900: 2899: 2895: 2885: 2883: 2867: 2866: 2862: 2857:on 29 May 2008. 2844: 2843: 2839: 2826: 2825: 2821: 2811: 2809: 2800: 2799: 2795: 2785: 2783: 2779: 2778: 2774: 2761: 2760: 2756: 2746: 2744: 2735: 2734: 2721: 2708: 2707: 2700: 2683: 2676: 2674: 2670: 2663: 2661:"Archived copy" 2659: 2658: 2654: 2645: 2643: 2639: 2632: 2625: 2624: 2615: 2605: 2603: 2594: 2593: 2589: 2576: 2575: 2571: 2554: 2545: 2541: 2540: 2536: 2518: 2517: 2513: 2496: 2489: 2487: 2483: 2476: 2474:"Archived copy" 2472: 2470: 2466: 2451:"Meet The Team" 2448: 2447: 2443: 2425: 2424: 2420: 2406: 2405: 2398: 2381: 2374: 2372: 2368: 2361: 2359:"Archived copy" 2357: 2355: 2351: 2338: 2337: 2333: 2323: 2321: 2320:. Bloomberg.com 2315: 2314: 2310: 2300: 2298: 2294: 2290: 2289: 2285: 2259: 2258: 2254: 2244: 2242: 2233: 2232: 2225: 2215: 2213: 2204: 2203: 2199: 2189: 2187: 2178: 2177: 2170: 2160: 2158: 2149: 2148: 2144: 2134: 2132: 2122: 2121: 2098: 2087: 2080: 2071: 2064: 2058:Blakes Business 2055:Wayback Machine 2045: 2038: 2028: 2026: 2017: 2016: 2009: 1996: 1995: 1988: 1975: 1974: 1967: 1958: 1957: 1950: 1933: 1932: 1928: 1918: 1916: 1907: 1906: 1895: 1885: 1883: 1874: 1873: 1869: 1859: 1857: 1848: 1847: 1843: 1829: 1828: 1824: 1814: 1812: 1807: 1806: 1802: 1793: 1792: 1788: 1778: 1776: 1771: 1770: 1766: 1756: 1754: 1749: 1748: 1744: 1734: 1732: 1719: 1718: 1714: 1696: 1695: 1691: 1680: 1676: 1672: 1671: 1665: 1661: 1655: 1651: 1646: 1619: 1584: 1582:Further reading 1501: 1496: 1494: 1491: 1479: 1466: 1457: 1407: 1389: 1192:Bank of America 1163: 1158: 1135: 1096:In early 2014, 1068: 1059: 984: 943:Martin Wheatley 922:Financial Times 867:Bank of England 854: 848: 836: 833: 823: 820: 809: 773: 768: 693: 659:Canadian dollar 611:US dollar (USD) 588: 564: 559: 521: 475:and nearly all 436:Hybrid products 347: 299:JP Morgan Chase 259:Bank of America 245:Bank of England 221: 207:laws passed by 190:Martin Wheatley 159:Thomson Reuters 99: 95: 69: 63: 60: 57: 48: 44: 35: 28: 23: 22: 15: 12: 11: 5: 6592: 6590: 6582: 6581: 6576: 6571: 6566: 6561: 6556: 6554:Interest rates 6551: 6541: 6540: 6534: 6533: 6531: 6530: 6527:List of topics 6517: 6504: 6490: 6487: 6486: 6484: 6483: 6478: 6476:Urban planning 6473: 6468: 6463: 6458: 6456:Property cycle 6453: 6448: 6443: 6438: 6433: 6428: 6423: 6418: 6416:Gentrification 6413: 6408: 6403: 6397: 6395: 6391: 6390: 6388: 6387: 6382: 6377: 6372: 6367: 6362: 6357: 6355:Moving company 6352: 6347: 6342: 6337: 6332: 6327: 6322: 6316: 6314: 6310: 6309: 6307: 6306: 6301: 6296: 6291: 6286: 6281: 6276: 6271: 6266: 6261: 6256: 6251: 6246: 6241: 6236: 6231: 6225: 6223: 6217: 6216: 6214: 6213: 6208: 6203: 6198: 6193: 6188: 6187: 6186: 6176: 6171: 6170: 6169: 6159: 6154: 6149: 6144: 6139: 6137:Eminent domain 6134: 6129: 6124: 6119: 6114: 6109: 6107:Chain of title 6104: 6098: 6096: 6095:and regulation 6089: 6088: 6086: 6085: 6080: 6075: 6070: 6065: 6059: 6057: 6053: 6052: 6050: 6049: 6044: 6039: 6034: 6029: 6028: 6027: 6022: 6017: 6012: 6007: 6002: 5992: 5987: 5982: 5977: 5972: 5971: 5970: 5959: 5957: 5953: 5952: 5950: 5949: 5947:United Kingdom 5944: 5939: 5934: 5929: 5924: 5919: 5914: 5909: 5904: 5899: 5894: 5889: 5884: 5878: 5876: 5872: 5871: 5869: 5868: 5863: 5857: 5854: 5853: 5848: 5846: 5845: 5838: 5831: 5823: 5814: 5813: 5811: 5810: 5809: 5808: 5798: 5793: 5788: 5783: 5778: 5773: 5768: 5763: 5758: 5753: 5748: 5743: 5738: 5733: 5728: 5723: 5718: 5713: 5708: 5703: 5698: 5693: 5688: 5683: 5678: 5672: 5670: 5666: 5665: 5663: 5662: 5660:Overnight rate 5657: 5652: 5647: 5642: 5636: 5634: 5630: 5629: 5624: 5622: 5621: 5614: 5607: 5599: 5590: 5589: 5587: 5586: 5576: 5565: 5562: 5561: 5559: 5558: 5553: 5548: 5543: 5538: 5533: 5528: 5523: 5518: 5513: 5507: 5505: 5497: 5496: 5493: 5492: 5490: 5489: 5488: 5487: 5486: 5485: 5480: 5470: 5460: 5455: 5450: 5449: 5448: 5443: 5433: 5432: 5431: 5426: 5421: 5416: 5408: 5407: 5406: 5401: 5396: 5391: 5381: 5379:Legal services 5376: 5371: 5370: 5369: 5364: 5359: 5354: 5349: 5344: 5333: 5332: 5331: 5320: 5318: 5314: 5313: 5311: 5310: 5309: 5308: 5298: 5293: 5288: 5283: 5278: 5277: 5276: 5266: 5261: 5259:Euronext.liffe 5256: 5251: 5246: 5245: 5244: 5239: 5229: 5223: 5221: 5213: 5212: 5210: 5209: 5208: 5207: 5202: 5194: 5193: 5192: 5191: 5190: 5185: 5180: 5172: 5171: 5170: 5165: 5160: 5145: 5144: 5143: 5138: 5133: 5128: 5123: 5118: 5113: 5108: 5103: 5088: 5086: 5075: 5071: 5070: 5068: 5067: 5062: 5061: 5060: 5050: 5045: 5044: 5043: 5038: 5033: 5023: 5022: 5021: 5011: 5006: 5004:Businesspeople 5001: 4995: 4993: 4987: 4986: 4983: 4982: 4980: 4979: 4974: 4969: 4964: 4959: 4954: 4949: 4944: 4931: 4925: 4923: 4917: 4916: 4914: 4913: 4908: 4903: 4898: 4893: 4888: 4883: 4878: 4873: 4868: 4863: 4858: 4852: 4850: 4844: 4843: 4841: 4840: 4835: 4829: 4827: 4819: 4818: 4816: 4815: 4810: 4805: 4800: 4798:Thames Gateway 4795: 4790: 4785: 4780: 4775: 4770: 4765: 4760: 4759: 4758: 4753: 4743: 4738: 4733: 4728: 4723: 4718: 4713: 4708: 4703: 4698: 4693: 4692: 4691: 4681: 4675: 4673: 4664: 4656: 4655: 4652: 4651: 4649: 4648: 4643: 4638: 4633: 4628: 4623: 4618: 4613: 4607: 4605: 4601: 4600: 4598: 4597: 4592: 4591: 4590: 4580: 4570: 4565: 4560: 4555: 4550: 4545: 4540: 4535: 4530: 4525: 4520: 4515: 4510: 4505: 4500: 4495: 4490: 4485: 4480: 4474: 4472: 4465: 4459: 4458: 4456: 4455: 4450: 4445: 4440: 4439: 4438: 4433: 4426:Pound sterling 4423: 4418: 4417: 4416: 4411: 4401: 4396: 4391: 4386: 4381: 4376: 4371: 4366: 4365: 4364: 4359: 4348: 4346: 4338: 4337: 4335: 4334: 4329: 4324: 4319: 4317:FTSE 250 Index 4314: 4312:FTSE 100 Index 4309: 4304: 4298: 4296: 4292: 4291: 4286: 4284: 4283: 4276: 4269: 4261: 4255: 4254: 4245: 4240: 4233: 4232:External links 4230: 4228: 4227: 4209: 4194: 4169: 4143: 4125: 4107: 4074: 4060: 4047:(3): 115–130. 4027: 4022:cbe.anu.edu.au 4009: 3988: 3960: 3939: 3914: 3882: 3857: 3846:. 5 March 2021 3824: 3813:. 4 March 2021 3798: 3786:Forbes Advisor 3769: 3751:Kagan, Julia. 3743: 3725:Chan, Jeremy. 3717: 3691: 3672: 3646: 3620: 3594: 3568: 3542: 3520: 3496: 3478: 3447: 3424: 3406: 3388: 3377:on 4 July 2012 3358: 3341:Taibbi, Matt, 3334: 3302: 3275: 3253: 3235: 3222: 3202: 3191:on 1 June 2019 3172: 3158: 3139: 3118: 3106: 3090: 3074: 3053: 3013: 2972: 2949: 2922: 2893: 2860: 2837: 2819: 2793: 2772: 2754: 2719: 2698: 2652: 2613: 2587: 2569: 2534: 2511: 2464: 2441: 2418: 2415:on 3 May 2013. 2396: 2349: 2342:. theice.com. 2331: 2308: 2283: 2252: 2223: 2197: 2168: 2142: 2096: 2078: 2062: 2036: 2007: 1986: 1965: 1948: 1926: 1893: 1867: 1841: 1822: 1800: 1786: 1764: 1742: 1712: 1689: 1673: 1670: 1669: 1659: 1648: 1647: 1645: 1642: 1641: 1640: 1617: 1607: 1594: 1583: 1580: 1579: 1578: 1573: 1568: 1563: 1558: 1553: 1548: 1543: 1538: 1533: 1528: 1523: 1518: 1513: 1507: 1506: 1490: 1487: 1478: 1475: 1465: 1462: 1456: 1453: 1429:Darrell Duffie 1406: 1403: 1388: 1385: 1384: 1383: 1378: 1373: 1368: 1363: 1358: 1353: 1348: 1343: 1338: 1325: 1324: 1319: 1314: 1308: 1302: 1296: 1289: 1284: 1279: 1274: 1272:Morgan Stanley 1269: 1264: 1259: 1254: 1249: 1244: 1239: 1234: 1229: 1224: 1219: 1214: 1209: 1204: 1199: 1194: 1189: 1162: 1159: 1157: 1154: 1134: 1131: 1125:Financial News 1067: 1064: 1058: 1055: 1039:Chuck Grassley 983: 980: 850:Main article: 847: 844: 834: 821: 808: 805: 772: 769: 767: 764: 763: 762: 759: 756: 753: 750: 747: 744: 741: 732: 731: 728: 719: 718: 715: 712: 709: 706: 692: 689: 681: 680: 674: 668: 662: 656: 644: 643: 637: 631: 625: 613: 612: 587: 584: 563: 560: 558: 555: 551: 550: 547: 544: 541: 538: 520: 517: 466: 465: 460: 455: 452: 449: 446: 433: 432: 427: 422: 417: 413:Floating rate 411: 399: 398: 389: 383: 378: 373: 363: 346: 343: 342: 341: 336: 331: 326: 321: 316: 311: 306: 301: 296: 291: 286: 281: 276: 271: 266: 261: 220: 217: 81:City of London 71: 70: 51: 49: 42: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 6591: 6580: 6577: 6575: 6572: 6570: 6567: 6565: 6562: 6560: 6557: 6555: 6552: 6550: 6547: 6546: 6544: 6529: 6528: 6518: 6516: 6515: 6505: 6503: 6502: 6492: 6491: 6488: 6482: 6479: 6477: 6474: 6472: 6469: 6467: 6464: 6462: 6459: 6457: 6454: 6452: 6449: 6447: 6444: 6442: 6439: 6437: 6434: 6432: 6429: 6427: 6424: 6422: 6419: 6417: 6414: 6412: 6409: 6407: 6404: 6402: 6399: 6398: 6396: 6392: 6386: 6383: 6381: 6378: 6376: 6373: 6371: 6368: 6366: 6363: 6361: 6358: 6356: 6353: 6351: 6348: 6346: 6343: 6341: 6338: 6336: 6333: 6331: 6328: 6326: 6323: 6321: 6318: 6317: 6315: 6311: 6305: 6302: 6300: 6297: 6295: 6292: 6290: 6287: 6285: 6282: 6280: 6277: 6275: 6274:Mortgage loan 6272: 6270: 6267: 6265: 6262: 6260: 6257: 6255: 6252: 6250: 6247: 6245: 6242: 6240: 6237: 6235: 6232: 6230: 6227: 6226: 6224: 6222:and valuation 6218: 6212: 6209: 6207: 6206:Torrens title 6204: 6202: 6199: 6197: 6194: 6192: 6191:Real property 6189: 6185: 6182: 6181: 6180: 6177: 6175: 6172: 6168: 6165: 6164: 6163: 6160: 6158: 6155: 6153: 6150: 6148: 6145: 6143: 6140: 6138: 6135: 6133: 6130: 6128: 6125: 6123: 6120: 6118: 6115: 6113: 6110: 6108: 6105: 6103: 6100: 6099: 6097: 6094: 6090: 6084: 6081: 6079: 6076: 6074: 6071: 6069: 6066: 6064: 6061: 6060: 6058: 6054: 6048: 6045: 6043: 6040: 6038: 6035: 6033: 6030: 6026: 6023: 6021: 6020:Golf property 6018: 6016: 6013: 6011: 6008: 6006: 6003: 6001: 5998: 5997: 5996: 5993: 5991: 5988: 5986: 5983: 5981: 5978: 5976: 5973: 5969: 5966: 5965: 5964: 5961: 5960: 5958: 5954: 5948: 5945: 5943: 5940: 5938: 5935: 5933: 5930: 5928: 5925: 5923: 5920: 5918: 5915: 5913: 5910: 5908: 5905: 5903: 5900: 5898: 5895: 5893: 5890: 5888: 5885: 5883: 5880: 5879: 5877: 5873: 5867: 5864: 5862: 5859: 5858: 5855: 5851: 5844: 5839: 5837: 5832: 5830: 5825: 5824: 5821: 5807: 5804: 5803: 5802: 5799: 5797: 5794: 5792: 5789: 5787: 5784: 5782: 5779: 5777: 5774: 5772: 5769: 5767: 5764: 5762: 5759: 5757: 5754: 5752: 5749: 5747: 5744: 5742: 5741:Russian MIBOR 5739: 5737: 5734: 5732: 5729: 5727: 5724: 5722: 5719: 5717: 5714: 5712: 5709: 5707: 5704: 5702: 5699: 5697: 5694: 5692: 5689: 5687: 5684: 5682: 5679: 5677: 5674: 5673: 5671: 5667: 5661: 5658: 5656: 5653: 5651: 5648: 5646: 5643: 5641: 5638: 5637: 5635: 5631: 5627: 5620: 5615: 5613: 5608: 5606: 5601: 5600: 5597: 5585: 5577: 5575: 5567: 5566: 5563: 5557: 5554: 5552: 5549: 5547: 5544: 5542: 5539: 5537: 5534: 5532: 5529: 5527: 5524: 5522: 5519: 5517: 5514: 5512: 5509: 5508: 5506: 5504:organisations 5498: 5484: 5481: 5479: 5476: 5475: 5474: 5471: 5469: 5466: 5465: 5464: 5461: 5459: 5456: 5454: 5451: 5447: 5444: 5442: 5439: 5438: 5437: 5434: 5430: 5427: 5425: 5422: 5420: 5417: 5415: 5412: 5411: 5409: 5405: 5402: 5400: 5397: 5395: 5392: 5390: 5387: 5386: 5385: 5384:Manufacturing 5382: 5380: 5377: 5375: 5372: 5368: 5365: 5363: 5360: 5358: 5355: 5353: 5350: 5348: 5345: 5343: 5340: 5339: 5338: 5334: 5330: 5327: 5326: 5325: 5322: 5321: 5319: 5315: 5307: 5304: 5303: 5302: 5299: 5297: 5294: 5292: 5289: 5287: 5284: 5282: 5279: 5275: 5272: 5271: 5270: 5267: 5265: 5262: 5260: 5257: 5255: 5252: 5250: 5247: 5243: 5240: 5238: 5237:List of banks 5235: 5234: 5233: 5230: 5228: 5225: 5224: 5222: 5220: 5214: 5206: 5203: 5201: 5198: 5197: 5195: 5189: 5186: 5184: 5181: 5179: 5176: 5175: 5173: 5169: 5166: 5164: 5161: 5159: 5156: 5155: 5154: 5151: 5150: 5149: 5146: 5142: 5139: 5137: 5134: 5132: 5131:North Sea oil 5129: 5127: 5124: 5122: 5119: 5117: 5114: 5112: 5109: 5107: 5104: 5102: 5099: 5098: 5097: 5093: 5090: 5089: 5087: 5085: 5079: 5076: 5072: 5066: 5063: 5059: 5056: 5055: 5054: 5053:Trades unions 5051: 5049: 5046: 5042: 5039: 5037: 5034: 5032: 5029: 5028: 5027: 5024: 5020: 5017: 5016: 5015: 5012: 5010: 5007: 5005: 5002: 5000: 4997: 4996: 4994: 4988: 4978: 4975: 4973: 4970: 4968: 4965: 4963: 4960: 4958: 4955: 4953: 4950: 4948: 4945: 4941: 4935: 4932: 4930: 4927: 4926: 4924: 4922: 4918: 4912: 4909: 4907: 4904: 4902: 4899: 4897: 4894: 4892: 4889: 4887: 4884: 4882: 4879: 4877: 4874: 4872: 4869: 4867: 4864: 4862: 4859: 4857: 4854: 4853: 4851: 4849: 4845: 4839: 4836: 4834: 4831: 4830: 4828: 4826: 4820: 4814: 4811: 4809: 4806: 4804: 4801: 4799: 4796: 4794: 4791: 4789: 4786: 4784: 4781: 4779: 4776: 4774: 4771: 4769: 4766: 4764: 4761: 4757: 4754: 4752: 4749: 4748: 4747: 4744: 4742: 4739: 4737: 4734: 4732: 4729: 4727: 4724: 4722: 4719: 4717: 4714: 4712: 4709: 4707: 4704: 4702: 4699: 4697: 4694: 4690: 4689:Big City Plan 4687: 4686: 4685: 4682: 4680: 4677: 4676: 4674: 4672: 4668: 4665: 4657: 4647: 4644: 4642: 4641:Privatisation 4639: 4637: 4634: 4632: 4629: 4627: 4624: 4622: 4621:Gold standard 4619: 4617: 4614: 4612: 4609: 4608: 4606: 4602: 4596: 4593: 4589: 4586: 4585: 4584: 4581: 4578: 4574: 4571: 4569: 4566: 4564: 4561: 4559: 4556: 4554: 4551: 4549: 4548:1986 Big Bang 4546: 4544: 4541: 4539: 4536: 4534: 4531: 4529: 4526: 4524: 4521: 4519: 4516: 4514: 4511: 4509: 4506: 4504: 4501: 4499: 4496: 4494: 4491: 4489: 4486: 4484: 4481: 4479: 4476: 4475: 4473: 4471:Chronological 4469: 4466: 4464: 4460: 4454: 4451: 4449: 4446: 4444: 4441: 4437: 4434: 4432: 4429: 4428: 4427: 4424: 4422: 4419: 4415: 4412: 4410: 4407: 4406: 4405: 4402: 4400: 4397: 4395: 4392: 4390: 4387: 4385: 4382: 4380: 4377: 4375: 4372: 4370: 4367: 4363: 4360: 4358: 4355: 4354: 4353: 4350: 4349: 4347: 4339: 4333: 4330: 4328: 4325: 4323: 4320: 4318: 4315: 4313: 4310: 4308: 4305: 4303: 4302:Co-operatives 4300: 4299: 4297: 4293: 4289: 4282: 4277: 4275: 4270: 4268: 4263: 4262: 4259: 4253: 4249: 4246: 4244: 4241: 4239: 4236: 4235: 4231: 4220: 4213: 4210: 4205: 4198: 4195: 4183: 4179: 4173: 4170: 4157: 4156:The Economist 4153: 4147: 4144: 4139: 4135: 4129: 4126: 4121: 4117: 4111: 4108: 4103: 4097: 4089: 4085: 4078: 4075: 4070: 4064: 4061: 4055: 4050: 4046: 4042: 4038: 4031: 4028: 4023: 4019: 4013: 4010: 3998: 3992: 3989: 3977: 3970: 3964: 3961: 3949: 3943: 3940: 3928: 3924: 3918: 3915: 3901: 3896: 3892: 3886: 3883: 3871: 3867: 3861: 3858: 3845: 3844:Bloomberg.com 3841: 3835: 3833: 3831: 3829: 3825: 3812: 3808: 3802: 3799: 3787: 3783: 3776: 3774: 3770: 3758: 3754: 3747: 3744: 3732: 3728: 3721: 3718: 3705: 3701: 3695: 3692: 3688: 3684: 3681: 3676: 3673: 3660: 3656: 3650: 3647: 3634: 3630: 3624: 3621: 3608: 3604: 3598: 3595: 3582: 3578: 3572: 3569: 3556: 3552: 3546: 3543: 3540: 3537: 3533: 3530: 3524: 3521: 3517: 3513: 3509: 3506: 3500: 3497: 3492: 3488: 3482: 3479: 3475: 3471: 3470:Eliot Spitzer 3467: 3463: 3459: 3456: 3451: 3448: 3443: 3439: 3435: 3428: 3425: 3420: 3416: 3415:"Bob Diamond" 3410: 3407: 3402: 3398: 3392: 3389: 3376: 3372: 3368: 3362: 3359: 3356:, 3 July 2012 3355: 3354:Rolling Stone 3351: 3347: 3344: 3338: 3335: 3319: 3312: 3306: 3303: 3290: 3286: 3279: 3276: 3271: 3267: 3266:The Economist 3263: 3257: 3254: 3249: 3245: 3239: 3236: 3232: 3226: 3223: 3219: 3215: 3212: 3206: 3203: 3190: 3186: 3182: 3176: 3173: 3168: 3162: 3159: 3154: 3150: 3143: 3140: 3137: 3134: 3130: 3127: 3122: 3119: 3115: 3110: 3107: 3103: 3099: 3094: 3091: 3087: 3083: 3078: 3075: 3071: 3067: 3063: 3057: 3054: 3042: 3038: 3034: 3030: 3023: 3017: 3014: 3002: 2998: 2994: 2990: 2983: 2976: 2973: 2968: 2964: 2960: 2953: 2950: 2936: 2932: 2926: 2923: 2919: 2915: 2911: 2907: 2903: 2897: 2894: 2881: 2877: 2876: 2871: 2864: 2861: 2856: 2852: 2848: 2841: 2838: 2833: 2829: 2823: 2820: 2807: 2803: 2797: 2794: 2782: 2776: 2773: 2768: 2764: 2758: 2755: 2742: 2738: 2732: 2730: 2728: 2726: 2724: 2720: 2715: 2711: 2705: 2703: 2699: 2694: 2688: 2669: 2662: 2656: 2653: 2638: 2631: 2630: 2622: 2620: 2618: 2614: 2601: 2597: 2591: 2588: 2583: 2579: 2573: 2570: 2565: 2559: 2551: 2544: 2538: 2535: 2530: 2526: 2522: 2515: 2512: 2507: 2501: 2482: 2475: 2468: 2465: 2460: 2456: 2452: 2445: 2442: 2437: 2433: 2429: 2422: 2419: 2414: 2410: 2403: 2401: 2397: 2392: 2386: 2367: 2360: 2353: 2350: 2345: 2341: 2335: 2332: 2319: 2312: 2309: 2293: 2287: 2284: 2279: 2275: 2271: 2267: 2263: 2256: 2253: 2240: 2236: 2230: 2228: 2224: 2211: 2207: 2201: 2198: 2185: 2181: 2175: 2173: 2169: 2156: 2152: 2146: 2143: 2130: 2126: 2119: 2117: 2115: 2113: 2111: 2109: 2107: 2105: 2103: 2101: 2097: 2094: 2091: 2085: 2083: 2079: 2075: 2069: 2067: 2063: 2059: 2056: 2052: 2049: 2043: 2041: 2037: 2025: 2021: 2014: 2012: 2008: 2003: 1999: 1993: 1991: 1987: 1982: 1978: 1972: 1970: 1966: 1961: 1955: 1953: 1949: 1944: 1940: 1936: 1930: 1927: 1914: 1910: 1904: 1902: 1900: 1898: 1894: 1882: 1878: 1871: 1868: 1856: 1852: 1845: 1842: 1838: 1834: 1833: 1826: 1823: 1811: 1804: 1801: 1796: 1790: 1787: 1774: 1768: 1765: 1752: 1746: 1743: 1730: 1726: 1722: 1716: 1713: 1708: 1704: 1700: 1693: 1690: 1686: 1683: 1678: 1675: 1667:were removed. 1663: 1660: 1653: 1650: 1643: 1637: 1633: 1629: 1628: 1623: 1618: 1615: 1611: 1608: 1605: 1604: 1599: 1595: 1592: 1591: 1586: 1585: 1581: 1577: 1574: 1572: 1569: 1567: 1564: 1562: 1559: 1557: 1554: 1552: 1549: 1547: 1544: 1542: 1539: 1537: 1534: 1532: 1529: 1527: 1524: 1522: 1519: 1517: 1516:Libor scandal 1514: 1512: 1509: 1508: 1504: 1493: 1488: 1486: 1484: 1476: 1474: 1471: 1463: 1461: 1454: 1452: 1450: 1446: 1442: 1438: 1434: 1430: 1426: 1422: 1418: 1413: 1404: 1401: 1396: 1394: 1386: 1382: 1379: 1377: 1374: 1372: 1369: 1367: 1364: 1362: 1359: 1357: 1354: 1352: 1349: 1347: 1344: 1342: 1339: 1337: 1334: 1333: 1332: 1330: 1323: 1320: 1318: 1315: 1313: 1309: 1307: 1303: 1301: 1297: 1294: 1290: 1288: 1285: 1283: 1280: 1278: 1275: 1273: 1270: 1268: 1265: 1263: 1260: 1258: 1255: 1253: 1250: 1248: 1245: 1243: 1240: 1238: 1235: 1233: 1232:Goldman Sachs 1230: 1228: 1225: 1223: 1220: 1218: 1215: 1213: 1212:Deutsche Bank 1210: 1208: 1205: 1203: 1200: 1198: 1195: 1193: 1190: 1188: 1185: 1184: 1183: 1180: 1177: 1174: 1172: 1168: 1160: 1155: 1153: 1150: 1146: 1144: 1140: 1139:Libor scandal 1132: 1130: 1127: 1126: 1120: 1118: 1113: 1109: 1107: 1103: 1099: 1098:NYSE Euronext 1094: 1090: 1086: 1082: 1079: 1077: 1073: 1065: 1063: 1056: 1054: 1051: 1048: 1044: 1040: 1037: 1032: 1030: 1024: 1022: 1018: 1013: 1009: 1005: 1001: 1000:Barclays Bank 996: 994: 989: 981: 979: 977: 973: 969: 965: 964:Dan Doctoroff 961: 957: 955: 950: 948: 944: 940: 935: 931: 929: 924: 923: 917: 915: 911: 907: 902: 898: 895: 890: 888: 884: 880: 876: 875:Willem Buiter 872: 868: 863: 861: 860: 853: 852:Libor scandal 845: 843: 841: 831: 827: 817: 813: 806: 804: 802: 798: 794: 790: 786: 782: 778: 771:Libor futures 770: 765: 760: 757: 754: 751: 748: 745: 742: 739: 738: 737: 736: 729: 726: 725: 724: 723: 716: 713: 710: 707: 704: 703: 702: 701: 697: 690: 688: 686: 678: 677:Swedish krona 675: 672: 669: 666: 663: 660: 657: 654: 651: 650: 649: 648: 641: 638: 635: 632: 629: 626: 623: 620: 619: 618: 617: 610: 609: 608: 607: 603: 601: 600:Deutsche Mark 597: 593: 585: 583: 579: 577: 573: 569: 561: 556: 554: 548: 545: 542: 539: 536: 535: 534: 530: 529: 524: 518: 516: 514: 510: 506: 502: 498: 494: 489: 487: 483: 478: 474: 471: 464: 461: 459: 456: 453: 450: 447: 444: 443:Range accrual 441: 440: 439: 437: 431: 428: 426: 423: 421: 418: 416: 412: 410: 407: 406: 405: 403: 397: 393: 390: 387: 384: 382: 379: 377: 374: 371: 367: 364: 362: 359: 358: 357: 355: 351: 344: 340: 337: 335: 332: 330: 327: 325: 322: 320: 317: 315: 312: 310: 307: 305: 302: 300: 297: 295: 292: 290: 289:Deutsche Bank 287: 285: 284:Credit Suisse 282: 280: 277: 275: 272: 270: 269:Barclays Bank 267: 265: 262: 260: 257: 256: 255: 252: 248: 246: 242: 238: 234: 230: 226: 218: 216: 214: 210: 206: 202: 198: 193: 191: 187: 183: 182:Libor scandal 179: 175: 174:Barclays Bank 170: 168: 164: 160: 155: 153: 148: 146: 142: 138: 134: 130: 126: 125:interest rate 120: 94: 90: 82: 77: 67: 55: 50: 41: 40: 37: 33: 19: 6525: 6513: 6499: 6446:Land banking 6345:Land banking 6330:Buyer broker 6304:Rental value 6127:Conveyancing 5937:Saudi Arabia 5736:Indian MIBOR 5730: 5453:Supermarkets 5419:Construction 5414:Architecture 5285: 5249:Canary Wharf 5082:Resource and 5065:Unemployment 5036:Minimum wage 4999:Billionaires 4896:Silicon Glen 4768:M11 Corridor 4252:article list 4212: 4206:. Bloomberg. 4197: 4185:. Retrieved 4181: 4172: 4160:. Retrieved 4155: 4146: 4137: 4128: 4119: 4110: 4087: 4077: 4063: 4044: 4040: 4030: 4021: 4012: 4000:. Retrieved 3991: 3979:. Retrieved 3976:New York Fed 3975: 3963: 3951:. Retrieved 3942: 3930:. Retrieved 3926: 3917: 3905:. Retrieved 3900:the original 3894: 3885: 3873:. Retrieved 3870:www.isda.org 3869: 3860: 3848:. Retrieved 3843: 3815:. Retrieved 3810: 3801: 3789:. Retrieved 3785: 3760:. Retrieved 3757:Investopedia 3756: 3746: 3734:. Retrieved 3730: 3720: 3708:. Retrieved 3694: 3675: 3663:. Retrieved 3659:the original 3649: 3637:. Retrieved 3633:the original 3623: 3611:. Retrieved 3597: 3585:. Retrieved 3571: 3559:. Retrieved 3545: 3538: 3523: 3516:FOX Business 3515: 3499: 3491:the original 3481: 3450: 3437: 3427: 3419:the original 3409: 3391: 3379:. Retrieved 3375:the original 3370: 3361: 3337: 3325:. Retrieved 3305: 3293:. Retrieved 3287:. BBC News. 3278: 3265: 3256: 3247: 3238: 3225: 3205: 3193:. Retrieved 3189:the original 3184: 3175: 3161: 3153:The Guardian 3152: 3142: 3121: 3109: 3093: 3077: 3065: 3056: 3044:. Retrieved 3028: 3016: 3004:. Retrieved 2988: 2975: 2962: 2952: 2939:. Retrieved 2925: 2917: 2896: 2884:. Retrieved 2873: 2863: 2855:the original 2850: 2840: 2832:the original 2822: 2810:. Retrieved 2806:the original 2796: 2784:. Retrieved 2775: 2757: 2745:. Retrieved 2675:. Retrieved 2655: 2644:, retrieved 2628: 2604:. Retrieved 2600:the original 2590: 2572: 2549: 2537: 2524: 2514: 2488:. Retrieved 2467: 2459:the original 2455:clevelandfed 2454: 2444: 2431: 2421: 2413:the original 2373:. Retrieved 2352: 2334: 2322:. Retrieved 2311: 2299:. Retrieved 2286: 2265: 2261: 2255: 2243:. Retrieved 2214:. Retrieved 2200: 2188:. Retrieved 2184:the original 2159:. Retrieved 2145: 2133:. Retrieved 2129:the original 2092: 2057: 2029:26 September 2027:. Retrieved 2023: 1938: 1929: 1917:. Retrieved 1884:. Retrieved 1880: 1870: 1858:. Retrieved 1854: 1844: 1836: 1831: 1825: 1813:. 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Retrieved 1715: 1702: 1692: 1677: 1662: 1652: 1625: 1601: 1588: 1503:Banks portal 1480: 1467: 1458: 1433:SOFR Academy 1408: 1398: 1390: 1326: 1262:LCH Clearnet 1181: 1178: 1175: 1165:In 2014 the 1164: 1151: 1147: 1136: 1123: 1121: 1114: 1110: 1095: 1091: 1087: 1083: 1080: 1069: 1060: 1033: 1025: 1017:Marcus Agius 997: 985: 972:Bloomberg LP 960:Bloomberg LP 958: 951: 936: 932: 920: 918: 913: 903: 899: 893: 891: 864: 857: 855: 826:basis points 810: 774: 734: 733: 721: 720: 699: 698: 694: 682: 671:Danish krone 646: 645: 634:Japanese yen 615: 614: 605: 604: 589: 580: 576:trimmed mean 565: 552: 532: 527: 526: 522: 490: 467: 435: 434: 401: 400: 353: 352: 348: 251:Member banks 249: 222: 219:Introduction 194: 178:member banks 171: 156: 149: 92: 88: 86: 64:October 2023 61: 53: 36: 32:Libor (name) 6471:Urban decay 6325:Buyer agent 6147:Foreclosure 6142:Encumbrance 6015:Arable land 5927:Puerto Rico 5875:By location 5850:Real estate 5633:Terminology 5429:Real estate 5153:Agriculture 4940:Cardiff Bay 4929:Agriculture 4886:Oil and gas 4861:Agriculture 4788:Silicon Fen 4763:M4 corridor 4756:London Plan 4577:Growth deal 4404:HM Treasury 4374:Company law 4343:governance, 4182:MarketsWiki 3907:29 December 3710:18 December 3466:Matt Taibbi 3371:NDTV profit 2941:3 September 2812:22 December 2786:22 December 2606:7 September 2340:"ICE LIBOR" 2324:11 February 2301:11 February 2272:: 2177–82. 1610:Matt Taibbi 1317:Wells Fargo 1295:of New York 1036:US Senators 1021:Bob Diamond 993:derivatives 883:Mervyn King 832:shifted by 830:yield curve 640:Swiss franc 562:Calculation 274:Citibank NA 167:derivatives 6543:Categories 6426:Green belt 6299:Remortgage 6083:Relocation 5882:Bangladesh 5806:Mutan rate 5786:TED spread 5483:High-speed 5478:Inter-city 5394:Automotive 5374:Healthcare 5362:Television 5352:Newspapers 5196:Materials 5111:Geothermal 5084:production 5026:Labour law 5009:Demography 4992:and labour 4773:Manchester 4684:Birmingham 4616:Free trade 4345:regulation 4187:31 October 4162:31 October 3932:10 October 2878:. London. 2550:www.snb.ch 1815:23 October 1644:References 1556:Ted spread 1329:ex officio 1227:GE Capital 785:Eurodollar 691:Maturities 519:Definition 430:Term loans 370:Eurodollar 225:Eurodollar 209:Parliament 205:regulatory 6411:Filtering 6401:Companies 6320:Appraiser 6201:Severance 5897:Indonesia 5640:Bank rate 5500:Trade and 5463:Transport 5410:Property 5389:Aerospace 5324:Education 5269:Insurance 5217:Financial 5101:Biodiesel 4977:Transport 4906:Transport 4866:Edinburgh 4838:Transport 4813:Wiltshire 4808:Transport 4783:Sheffield 4741:Liverpool 4604:Recurrent 4431:Banknotes 4341:Currency, 4295:Companies 3539:Bloomberg 3155:. London. 3041:1729-701X 3001:1683-0121 2886:10 August 2024:Bloomberg 1636:0362-4331 1485:(TONAR). 1445:Refinitiv 1441:Bloomberg 1207:CME Group 1202:Citigroup 1197:BlackRock 1057:Aftermath 1043:Mark Kirk 966:told the 928:Bundestag 761:11 months 758:10 months 717:12 months 592:US dollar 572:Refinitiv 482:mortgages 381:Swaptions 123:) was an 6501:Category 6406:Eviction 6350:Landlord 6152:Land law 5917:Pakistan 5861:Property 5574:Category 5502:business 5468:Aviation 5441:Internet 5347:Gambling 5254:The City 5219:services 5200:Forestry 5183:Scottish 5174:Fishing 5116:Fracking 5048:Pensions 4856:Aberdeen 4848:Scotland 4823:Northern 4793:Somerset 4701:Cornwall 4661:regions, 4659:Nations, 4443:Taxation 3875:10 March 3850:10 March 3817:10 March 3704:Archived 3683:Archived 3607:Archived 3581:Archived 3555:Archived 3532:Archived 3508:Archived 3458:Archived 3442:Archived 3401:Archived 3346:Archived 3318:Archived 3289:Archived 3270:Archived 3214:Archived 3129:Archived 3082:BBC News 2967:Archived 2935:Archived 2914:Archived 2910:BBC News 2880:Archived 2767:Archived 2741:Archived 2714:Archived 2687:cite web 2668:Archived 2637:archived 2582:Archived 2558:cite web 2529:Archived 2500:cite web 2481:Archived 2436:Archived 2385:cite web 2366:Archived 2344:Archived 2278:40685905 2239:Archived 2210:Archived 2155:Archived 2051:Archived 2002:Archived 1981:Archived 1943:Archived 1913:Archived 1729:Archived 1725:BBC News 1707:Archived 1685:Archived 1489:See also 1455:Ameribor 1169:and the 799:and the 755:9 months 752:8 months 749:7 months 746:5 months 743:4 months 730:2 months 714:6 months 711:3 months 598:and the 586:Currency 309:Rabobank 201:criminal 163:trillion 139:such as 6549:Banking 6514:Commons 6431:Indices 6313:Parties 6112:Closing 6056:Sectors 5746:RIGIBOR 5706:Helibor 5696:EURONIA 5681:Euribor 5584:Commons 5551:Make UK 5458:Tourism 5424:Housing 5404:Exports 5367:Theatre 5232:Banking 5178:English 5074:Sectors 5019:Poverty 4972:Tourism 4967:Swansea 4952:History 4947:Fishing 4934:Cardiff 4901:Tourism 4881:History 4876:Fishing 4833:Belfast 4825:Ireland 4803:Tourism 4778:Reading 4726:Fishing 4706:Croydon 4696:Bristol 4671:England 4463:History 4436:Coinage 3927:NPR.org 3791:8 March 3762:8 March 3736:11 July 3665:20 July 3639:21 July 3613:25 July 3587:25 July 3561:25 July 3327:11 July 3295:28 June 3248:Reuters 3185:Reuters 3114:Reuters 3068:. 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Index

London Interbank Offered Rate
Libor (name)

City of London
/ˈlbɔːr/
interest rate
London
Euribor
risk-free interest rates
SOFR
SARON
SOFR
Thomson Reuters
trillion
derivatives
Barclays Bank
member banks
Libor scandal
Financial Services Authority
Martin Wheatley
British government
criminal
regulatory
Parliament
Financial Services Act 2012
Eurodollar
interest rate swaps
foreign currency options
forward rate agreements
British Bankers' Association

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