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BBA announce changes to LIBOR
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inspector_monkfish
Posts: 9,276 Forumite
17:03 18Jun09 -BBA to let non-London banks participate in Libor
LONDON, June 18 - The British Bankers' Association
said on Thursday it will change its definition of the London
Interbank offered rate (Libor) to allow a greater number of
institutions to participate in the daily rate fixing process.
Libor rates represent the average cost at which a panel of
banks believe they can borrow funds for various periods of time
in various currencies.
Currently the definition refers to rates formed in London.
The amendment, to be announced and implemented by the BBA on
Friday, will allow the submission of rates from banks
participating in the London market but without a physical base
in the city.
The change will allow the BBA to expand the number of banks
contributing to its fixing panels and will also mean that banks
that are for example, ceasing London operations, can continue to
contribute, the BBA said.
LONDON, June 18 - The British Bankers' Association
said on Thursday it will change its definition of the London
Interbank offered rate (Libor) to allow a greater number of
institutions to participate in the daily rate fixing process.
Libor rates represent the average cost at which a panel of
banks believe they can borrow funds for various periods of time
in various currencies.
Currently the definition refers to rates formed in London.
The amendment, to be announced and implemented by the BBA on
Friday, will allow the submission of rates from banks
participating in the London market but without a physical base
in the city.
The change will allow the BBA to expand the number of banks
contributing to its fixing panels and will also mean that banks
that are for example, ceasing London operations, can continue to
contribute, the BBA said.
Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)
(MSE Andrea says ok!)
0
Comments
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allow the submission of rates from banks
participating in the London market but without a physical base
in the city.
Sign of the times.
Used to be that EVERY Bank that was anyone, would have a major base in London !!!!'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Sign of the times.
Used to be that EVERY Bank that was anyone, would have a major base in London !!!!
they still do.
all the [EMAIL="!!!!"]!!!![/EMAIL] ones have left!Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
inspector_monkfish wrote: »they still do.
all the !!!! ones have left!
Oh how I wish I could gossip here
0 -
If it broke make a bigger one.
Not Again0 -
lostinrates wrote: »Oh how I wish I could gossip here
don't let us stop you...Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
inspector_monkfish wrote: »don't let us stop you...
LOL. Its a past worry now anyway, so not alarmist, (which I want to emphasise) but my lips are sealed. 0 -
lostinrates wrote: »LOL. Its a past worry now anyway, so not alarmist, (which I want to emphasise) but my lips are sealed.
i have absolutely no idea what on earth you are talking about
Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
lostinrates wrote: »LOL. Its a past worry now anyway, so not alarmist, (which I want to emphasise) but my lips are sealed.
LIR, surely it is against some rules somewhere to tease us like that?;) It's getting harder & harder to keep the government in the manner to which they have become accustomed.0
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