'Done…for you big boy': The Barclays LIBOR messages

The fine is the largest in the FSA's history, and came alongside £230m worth of penalties from US regulators. LIBOR - the London Interbank Offered Rate - is compiled by the British Bankers' Association as a daily average of individual banks' stated lending rates to other financial institutions. The rates for one-month, three-month, six-month and one-year loans are then used as a benchmark for bank rates and financial instrument pricing across the world. Contained within the FSA's Final Notice to Barclays, a section entitled ‘inappropriate US dollar LIBOR and EURIBOR submissions mad...