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Published: 25th March 2017 by William Webster

The London Interbank Offered Rate (LIBOR) is a short-term benchmark interest rate. From 01/02/14 it has been compiled by the Intercontinental Exchange (ICE). Every day, just before 11am London time, contributor banks, of which there are between 11 and 17, submit the rate at which they think they can borrow in the interbank market in reasonable size and for the currency and maturity in question. There are five currencies and seven maturities giving a total of 35 daily rates, each being an arithmetic average, after outlying high and low quotes have been removed. The rates are quoted to five decimal places and published at 11.55am London time.

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