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 |
|---|---|---|---|---|---|
| FCA v. Philippe Moryoussef Individual (benchmark submission rigging, 2022) | FCA | 2022-07-15 | Benchmark Submission Rigging | — | judgment |
| FCA v. Colin Bermingham Individual (benchmark submission rigging, 2021) | FCA | 2021-09-27 | Benchmark Submission Rigging | — | settled |
| FCA v. Terry John Farr (benchmark submission rigging, 2019) | FCA | 2019-05-29 | Benchmark Submission Rigging , Wash Trading | — | judgment |
| FCA v. Jonathan Mathew Individual (benchmark submission rigging, 2018) | FCA | 2018-10-30 | Benchmark Submission Rigging | — | judgment |
| CFTC v. Bank of America (benchmark submission rigging, 2018) | CFTC | 2018-09-19 | Benchmark Submission Rigging , Price Manipulation | $30m | judgment |