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LIBOR Primer: Watch this Space

Most lenders and borrowers will undoubtedly have read about the $453 million of fines levied against Barclays Bank PLC for manipulating its London Interbank Offered Rate (LIBOR) submissions between 2005 and 2009, as well as the ongoing investigations of other major banks that participate in setting LIBOR (including Citigroup, HSBC, Royal Bank of Scotland and UBS). While the fines and allegations have made headlines, many market participants seem to be relatively unaware of the initiatives currently underway to modify, or even eliminate, LIBOR as the primary benchmark for short-term interest rates globally.

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For more information contact:
Elizabeth R. Tabas Carson |
R. Lee Vanderpool |