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The London Interbank Offered Rate is the average of interest rates estimated by each of the leading banks in London that it would be charged were it to borrow from other banks.〔(Q&A: what is Libor and what did Barclays do to it? ) – CityWire 29 June 2012 at 17:05. 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 were removed.〕 It is usually abbreviated to Libor () 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 bbalibor) before the responsibility for the administration was transferred to Intercontinental Exchange. It is the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor rates are calculated for 5 currencies and 7 borrowing periods ranging from overnight to one year and are published each business day by Thomson Reuters.〔(【引用サイトリンク】title=ICE Benchmark Administration (IBA) ICE LIBOR )〕 Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it. At least $350 trillion in derivatives and other financial products are tied to the Libor. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the Libor scandal.〔〔〔 The British Bankers' Association said on 25 September 2012 that it would transfer oversight of LIBOR to UK regulators, as proposed by Financial Services Authority managing director Martin Wheatley'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.〔Ainsley Thomson (17 October 2012) ("UK Treasury Minister: Government Accepts Recommendations Of Wheatley Libor Review In Full" ) ''Dow Jones Newswires / Fox Business''〕 Significant reforms, in line with the Wheatley Review, came into effect in 2013 and a new administrator took over in early 2014.〔(【引用サイトリンク】title=BBA Libor Benchmark Administrator's News )〕 The UK controls Libor through laws made in the UK Parliament. In particular, the Financial Services Act 2012 brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.〔 ==Introduction== In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably interest rate swaps, foreign currency options and forward rate agreements. While recognising that such instruments brought more business and greater depth to the London Interbank market, bankers worried that future growth could be inhibited unless a measure of uniformity was introduced. In October 1984, the British Bankers' Association (BBA)—working with other parties, such as the Bank of England—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. Member banks are international in scope, with more than sixty nations represented among its 223 members and 37 associated professional firms as of 2008. Eighteen banks for example currently contribute to the fixing of US Dollar Libor. The panel contains the following member banks:〔(【引用サイトリンク】title=ACTUAL ARTICLE TITLE BELONGS HERE! )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Libor」の詳細全文を読む スポンサード リンク
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