LIBOR
LIBOR was a submission-based interbank interest rate benchmark, discontinued for most currencies and tenors by 2023 after widespread manipulation was established. It is the standard illustration of why benchmarks built on estimates rather than trades are fragile.
Where does libor come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. BlackRock Advisors, LLC (benchmark submission rigging, 2023) | SEC | 2023-10-24 | Benchmark Submission Rigging | — | settled |
| SEC v. Chatham Asset Management, LLC and Anthony Melchiorre (benchmark submission rigging, 2023) | SEC | 2023-04-03 | Benchmark Submission Rigging | $600k | settled |
| CFTC v. Former Trader (benchmark submission rigging, 2022) | CFTC | 2022-09-06 | Benchmark Submission Rigging | $250k | judgment |
| CFTC v. Swap Dealer (benchmark submission rigging, 2022) | CFTC | 2022-09-06 | Benchmark Submission Rigging | $2.8m | judgment |
| SEC v. The Bancorp, Inc. (benchmark submission rigging, 2022) | SEC | 2022-08-24 | Benchmark Submission Rigging | — | settled |