The LIBOR rate, or London Interbank Offered Rate, is a benchmark rate at which individual contributor panel banks can borrow funds from other banks on the London market. It is produced once a day by Intercontinental Exchange, and it is designed to reflect the interest rate at which banks can obtain unsecured funding for a specified period and specified currency. In 2015, the ICE Benchmark Administration has a reference panel of 11-18 banks for each calculated currency, which includes the Swiss franc, the euro, the pound sterling, the Japanese yen, and the U.S. dollar. It is a polled rate from the panel of banks.
