Ethics and governance in the European Financial centers

As BBC explains "Libor is the the inter-bank lending rate set every day by the British Bankers' Association (BBA). Libor sets the price for trillions of pounds of hugely valuable derivatives deals in the City - complex trades designed to, for example, insure banks against risk or allow them to make a bet on the future value of assets. it is also the benchmark for pricing some UK residential mortgages, more commonly for commercial mortgages, and increasingly for pricing commercial loans by banks to UK businesses. So, any successful manipulation of Libor would have affected more than just a few money brokers in the City"

Regulators from around the world are probing alleged manipulation by big US and European banks of the London interbank offered rate and other key benchmark lending rates.

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