The LIBOR transition opens up a sizeable business opportunity for large consulting firms such as PwC, KPMG, EY and Deloitte and also for global IT firms, including leading players in India.
About:
Full name: London Interbank Offered Rate (Libor).
What Is it? LIBOR is a benchmark interest rate at which major global lend to one another in the international interbank market for short-term loans. LIBOR serves as a globally accepted key benchmark interest rate that indicates borrowing costs between banks.
Agency involved: The rate is calculated and published each day by the Intercontinental Exchange (ICE).
Working:
It is based on five currencies including the US dollar, the euro, the British pound, the Japanese yen, and the Swiss franc.
It serves seven different maturities—overnight/spot next, one week, and one, two, three, six, and 12 months.
The combination of five currencies and seven maturities leads to a total of 35 different LIBOR rates calculated and reported each business day.
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