LIBOR - the London Interbank Offered Rate benchmark - is supposed to measure the interest rates at which banks borrow from each other. It is based on data reported daily by a 16-bank panel. More than $800 trillion in securities and loans are linked to the LIBOR, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans. Even small movements - or inaccuracies - in the LIBOR affect investment returns and borrowing costs for individuals, companies, and professional investors.
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