Fixing LIBOR

摘要

Every weekday, at around 11.30am uk time, trading screens update with that day's new London inter-bank offered rates (libor). The numbers are supposed to measure the interest rates banks pay when they borrow from each another. Along with other benchmarks like central-bank rates and government-bond yields, libor rates are one of the foundations of finance. Contracts worth around $360 trillion, five times global gdp, are based on them.