LIBOR
(London Interbank Offered Rate) A benchmark interest rate some banks charge each other for short-term loans. LIBOR is set daily in five currencies (US dollar, Euro, pound sterling, Japanese yen and Swiss franc) for seven different maturities (overnight , on week, and 1, 2, 3, 6 and 12 months). LIBOR is frequently used as the basis for resetting rates on floating-rate securities, as well as currency and interest rate swaps.