Discussion
Expand the term LIBOR as used in financial banking sectors?
Answer: D
Correct answer: London Inter Bank Offered Rate
LIBOR was the rate at which major banks in London indicated they could borrow from one another, published daily for several currencies and tenors, and used as the reference rate for an enormous volume of loans and derivatives worldwide.
It was compiled from submissions rather than transactions, which proved its undoing: manipulation of those submissions was uncovered from 2012, and the benchmark has since been retired in favour of rates computed from actual overnight transactions, such as SOFR in dollars and SONIA in sterling.
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