Barclays Violation of LIBOR Rates

Barclays Violation of LIBOR Rates

The London Inter-Bank Offered Rate (LIBOR) is a benchmark reference rate that is central to the process of financial markets globally and forms the basis for trillions of dollars of financial transactions. LIBOR was created to represent the cost of unsecured funding in the open market for the largest financial organizations.it was developed to show the rates at which banks borrowed money from each other daily. These rates formed the basis in determining the charges they would subject to their customers. Student loans, credit cards, mortgages plus other commercial and consumer lending instruments mostly used LIBOR as a reference date. The British Bank Association (BBA) is charged with the responsibility of

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