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There are three major classifications of interest rate fixings instruments, including standard inter bank products, commercial field products, and hybrid products which often use Libor as their reference rate.In the UK, the three-month British pound Libor is used for some mortgages—especially for those with adverse credit history.

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In October 1984, the British Bankers' Association (BBA)—working with other parties, such as the Bank of England—established various working parties, which eventually culminated in the production of the BBA standard for interest rate swaps, or "BBAIRS" terms.

Part of this standard included the fixing of BBA interest-settlement rates, the predecessor of BBA Libor.

Seventeen banks for example currently contribute to the fixing of US Dollar Libor.

The panel contains the following member banks: Libor is widely used as a reference rate for many financial instruments in both financial markets and commercial fields.

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.

The USD Sibor was established in January 1988, and the USD Hibor was launched in December 2006.

Although these fixings in USD use similar methodology by fixing at am at their local times, the results of the three fixings are different.

A euro Libor does exist, but mainly, for continuity purposes in swap contracts dating back to pre-EMU times.

The Libor is an estimate and is not intended in the binding contracts of a company.

In the United States, many private contracts reference the three-month dollar Libor, which is the index resulting from asking the panel what rate they would pay to borrow dollars for three months.

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