The 's Over Its Long History

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Barclay’s over its long history has grown into one of the largest financial groups in the United Kingdom3. Since there early start in banking, Barclays has since then diversified itself into investment banking, and investment management as well. They operate over 850 branches in over 60 countries in which 2000 are based in the United Kingdom3. “The company has over 4.5 million registered online bankers and over 10.6 million Barclaycard customers in the United Kingdom”3. Barclay’s is currently the 7th largest bank in the world with assets valuing $2.41 trillion. Barclay’s has an extensive history as one of the oldest banks in the world dating back to the late 17th century. John Freame and Thomas Gould were goldsmiths working in Lombard…show more content…
Libor, the London Interbank Lending Rate, is considered to be one of the most important rates in finance because trillions of financial contracts utilize this rate. Libor is used globally as a “benchmark interest rate”2 in which it is used to set up a range of financial deals. It is also used as measure for financial institutions to gauge their trust level in the financial system and to check each institutions financial health. This rate is determined by a group of leading banks that submit the rates of ten different currencies and fifteen lengths of loans, which range from overnight to twelve months2. The most important part is the “three-month dollar Libor”2, which is the rate that other banks would borrow from each other for three months. Traders managed to manipulate this rate because the rates submitted are estimates; it would be relatively easy to submit false figures2. Traders in other banks devised a plan with each other by submitting rates that were higher or lower than the actual estimate in order to control the interest rate. Libor is an interest rate that is determined by the rates at which banks lend funds to each other on the London interbank market. Every day the banks submit their borrowing costs to the Thomson Reuters data collection service in which an agent calculates out Libor2. The agent discards the highest and lowest quarter of submissions and then
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