LIBOR and the Manipulation Scandal: A Legal Analysis

From law firm McDermott Will & Emery, an in-depth look at the London Interbank Offered Rate (LIBOR), what it represents, and the continuing manipulation scandal:

“[LIBOR] is considered one of the most important interest rates in the financial world. It underpins approximately £225 trillion of financial products ranging from interest rate swaps and corporate loans to credit cards, mortgages and savings accounts. It is a benchmark reference rate fundamental to the operation of both UK and international financial markets. In the past month, evidence of deliberate manipulation of LIBOR submissions and news of the ensuing public scandal has made global headlines. Aside from financial penalties and possible criminal prosecution of the main perpetrators of the scandal, the role, purpose and function of LIBOR has been placed under intense scrutiny by regulators, the financial markets and the public.”

Read the full update, The LIBOR Scandal and LIBOR Explained – McDermott Will & Emery

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