LIBOR scandal: one year on

It is approaching one year since the publication of the first regulatory report and large fine against Barclays for alleged LIBOR (the London Interbank Offered Rate) manipulation in June 2012. Since then, there have been a variety of significant developments in this fast-moving area. The purpose of this article is to summarise the key events to date and to look ahead at expected future developments.

LIBOR is a benchmark interest rate representing the average that London banks are paying to each other to borrow money in the short term.

In order to calculate LIBOR, a panel of 16 banks submitted estimated interbank interest rates based on various currencies/maturities. The four highest and four lowest submissions were stripped out and an average LIBOR rate was calculated across the various currencies/maturities by reference to the eight middle submissions…

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