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Interest rate swaps based on short Libor rates traded on the interbank market for maturities up to 50 years. In the swap market, a "five-year Libor" rate referred to the five-year swap rate, where the floating leg of the swap referenced the three- or six-month Libor (this can be expressed more precisely as for example "5-year rate vs 6-month ...
The Wall Street Journal Prime Rate (WSJ Prime Rate) is a measure of the U.S. prime rate, defined by The Wall Street Journal (WSJ) as "the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks". It is not the "best" rate offered by banks.
The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation. [49] A year later, it was reported in February 2012 that the US Department of Justice was conducting a criminal investigation into Libor abuse. [50]
Prime rates in the US, FRG and the European Union. The prime rate or prime lending rate is an interest rate used by banks, typically representing the rate at which they lend to their most creditworthy customers. Some variable interest rates may be expressed as a percentage above or below prime rate. [1]: 8
September 4: The Libor rate rises to its highest level since December 1998, at 6.7975%, above the Bank of England's 5.75% base rate. [169] [170] September 6: The Federal Reserve adds $31.25 billion in temporary reserves (loans) to the US money markets which has to be repaid in two weeks. [171]
SOFR is a reference rate (that is, a rate used by parties in commercial contracts that is outside their direct control) established as an alternative to LIBOR. LIBOR had been published in a number of currencies and underpins financial contracts all over the world. Deeming it prone to manipulation, UK regulators decided to discontinue LIBOR in ...
R.I.P. to the London Interbank Offered Rate which will die on Jan. 1, 2022 — sort of.
Tom Hayes (born October 1979 [1]) is a former trader for UBS and Citigroup who was convicted for conspiracy to defraud and sentenced to 14 years in prison (reduced to 11 years on appeal) for conspiring with others to dishonestly manipulate the London Interbank Offered Rate [2] as part of the Libor scandal.
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