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LIBOR rigging: Difference between revisions
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{{Quote|“An individual BBA LIBOR Contributor Panel Bank will contribute '''''the rate at which it could borrow funds''''', were it to do so by asking for and then accepting inter-bank offers in reasonable market size just prior to 1100.”}} | {{Quote|“An individual BBA LIBOR Contributor Panel Bank will contribute '''''the rate at which it could borrow funds''''', were it to do so by asking for and then accepting inter-bank offers in reasonable market size just prior to 1100.”}} | ||
It was not disputed that on any day there would be a range of rates available to a bank at which it ''could'' borrow, whether these took the shape of firm offers, or good faith estimates, or model outputs, but which of these rates was, for the purpose of the LIBOR Definition, “the rate at which it could borrow funds”. | |||
In particular, did a submitter have any leeway, when choosing between rates which otherwise might be valid, to consider its own best trading interests? The back might be positioned some days to benefit from raised interest rates, other days lower ones. | |||
====Facts and law==== | ====Facts and law==== | ||