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Before that date, however, some rates were fixed for a trial period commencing in December 1984.Member banks are international in scope, with more than sixty nations represented among its 223 members and 37 associated professional firms as of 2008.It is, however, specifically mentioned as a reference rate in the market standard International Swaps and Derivatives Association documentation, which are used by parties wishing to transact in over-the-counter interest rate derivatives.Libor is defined as: The rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11.00 London time.

In the UK, the three-month British pound Libor is used for some mortgages—especially for those with adverse credit history.

This definition is amplified as follows: Libor is calculated by the Intercontinental Exchange (ICE) and published by Thomson Reuters.

It is an index that measures the cost of funds to large global banks operating in London financial markets or with London-based counterparties.

Until 1998, the shortest duration rate was one month, after which the rate for one week was added.

In 2001, rates for a day and two weeks were introduced The USD Libor in London is the most recognised and predominant one.

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