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In this episode, Tracy Alloway and Joe Weisenthal interview Richard Robb, a former interest rate trader. Robb discusses the origins and manipulation of LIBOR, the rise of LIBOR as the standard rate, motivations and methods of manipulating LIBOR, and uncovering the manipulation through embarrassing email exchanges. They also touch on the systemic complacency in the LIBOR survey and the move towards a reference rate based on actual transactions.
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Quick takeaways
- LIBOR is a widely used reference rate tied to trillions of dollars worth of financial assets, but it has faced issues with manipulation and lack of transparency.
- Efforts are being made to transition away from LIBOR to more robust and transparent reference rates based on actual transactions.
Deep dives
Overview of LIBOR and its importance in financial markets
LIBOR, the London Interbank Offered Rate, is a reference rate that governs trillions of dollars worth of asset prices. It is used to price bonds, loans, and other financial instruments in the market. However, LIBOR is in a state of transition as efforts are being made to move away from this reference rate. The significance of LIBOR lies in its widespread use and its impact on various industries, particularly the credit market.
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