The subject is incredibly complex. LIBOR, the London Interbank Offered Rate, is determined by 18 banks that tell the British Bankers Association (via Thomson Reuters) the rate at which they can borrow funds every day. This rate is incredibly important to global markets, affecting everything from credit cards to mortgages to derivatives and hedges.
Watch our quick 87-second explainer below to find out everything you need to know about the LIBOR scandal:
Produced by William Wei
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