LIBORS

AcronymDefinition
LIBORSLaser Ionization Based On Resonance Saturation
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References in periodicals archive ?
Recall that following the release of the report, administration of LIBOR was transferred from BBA to a U.K.
LIBOR traces its roots to an $80 million syndicated loan arranged by a Greek banker from Manufacturers Hanover's, Minos Zombanakis, to the Shah of Iran in 1969.
(38) As LIBOR became more central to the global financial markets, pressure grew to formalize the rate.
The traders and submitters also engaged in similar conduct on fewer occasions with respect to Yen and Sterling LIBOR.
The CFTC Order also finds that Barclays, acting at the direction of senior management, engaged in other serious unlawful conduct concerning LIBOR. In late 2007, Barclays was the subject of negative press reports raising questions such as, "So what the hell is happening at Barclays and its Barclays Capital securities unit that is prompting its peers to charge it premium interest in the money market?" Such negative media speculation caused significant concern within Barclays and was discussed among high levels of management within Barclays Bank.
According to the Order, senior managers even coined the phrase "head above the parapet" to describe high LIBOR submissions relative to other banks.
After government authorities began investigating allegations that banks had engaged in manipulation of benchmark interest rates, Barclays was the first bank to cooperate in a meaningful way in disclosing its conduct relating to LIBOR and EURIBOR.
In addition, Barclays has implemented a series of compliance measures and will implement additional internal controls regarding its submission of LIBOR and EURIBOR contributions, as required by the Commodity Futures Trading Commission (CFTC).
At times, Barclays employees raised concerns with the British Bankers' Association, the United Kingdom Financial Services Authority (FSA), the Bank of England, and the Federal Reserve Bank of New York in late 2007 and in 2008 that the Dollar LIBOR rates submitted by contributing banks, including Barclays, were too low and did not accurately reflect the market.