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LIBOR stands for London Interbank Offered Rate. The British Bankers' Association calculates LIBOR in an open manner each business day. LIBOR rates are generally released around 11am London time. Many LIBOR rates exist, for various multiple short-term periods in a number of currencies. For example, each day LIBOR rates are released, there is a 1 week Japanese Yen LIBOR rate, a 1 month US dollar LIBOR rate, and 6 month Euro LIBOR rate. LIBOR is the primary benchmark for interest rates around the world. Interest rate contracts traded on many exchanges around the world, such as the Chicago Board of Trade, settle based on LIBOR. LIBOR affects consumers, too, as LIBOR is often used as a benchmark for ARMs and other credit products.
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