Editing Libor (section)

==Introduction==
The London Interbank Offered Rate (LIBOR) came into widespread use in the 1970s as a reference interest rate for transactions in offshore [[Eurodollar]] markets.<ref>{{cite journal|last=Newburg|first=Andre W.G.|title= Financing in the Euromarket by U.S. Companies: A Survey of the Legal and Regulatory Framework |journal= The Business Lawyer  |volume=33|issue=4|date=July 1978|pages=2177–82|publisher=[[American Bar Association]]|jstor=40685905}}</ref><ref>{{cite report|title=International Monetary Fund, Annual Report, 1981|url=https://www.imf.org/external/pubs/ft/ar/archive/pdf/ar1981.pdf|access-date=11 February 2019|pages=52–53}}</ref><ref>{{cite news|author= Finch, Gavin and Liam Vaughan |date=2016-11-29|title=The Man Who Invented the World's Most Important Number|url=https://www.bloomberg.com/news/features/2016-11-29/the-man-who-invented-libor-iw3fpmed|publisher=Bloomberg.com|access-date=11 February 2019}}</ref>
In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably [[interest rate swap]]s, [[Foreign exchange option|foreign currency options]] and [[forward rate agreement]]s. While recognizing that such instruments brought more business and greater depth to the London Inter-bank market, bankers worried that future growth could be inhibited unless a measure of uniformity was introduced. In October 1984, the [[British Bankers' Association]] (BBA)—working with other parties, such as the [[Bank of England]]—established various working parties, which eventually culminated in the production of the BBA standard for interest rate swaps, or "BBAIRS" terms. Part of this standard included the fixing of BBA interest-settlement rates, the predecessor of BBA Libor. From 2 September 1985, the BBAIRS terms became standard market practice. BBA Libor fixings did not commence officially before 1 January 1986. Before that date, however, some rates were fixed for a trial period commencing in December 1984.

[[British Bankers' Association|Member banks]] are international in scope, with more than sixty nations represented among its 223 members and 37 associated professional firms as of 2008. Seventeen banks for example contributed at one point to the fixing of US Dollar Libor. The panel contains the following member banks:<ref>{{cite web|url=https://www.theice.com/iba/libor|title=ICE LIBOR|publisher=theice.com|url-status=live|archive-url=https://web.archive.org/web/20180226062611/https://www.theice.com/iba/libor|archive-date=26 February 2018|df=dmy-all}}</ref>

* [[Bank of America]]
* [[Bank of Tokyo-Mitsubishi UFJ]]
* [[Barclays Bank]]
* [[Citibank NA]]
* [[Credit Agricole CIB]]
* [[Credit Suisse]]
* [[Deutsche Bank]]
* [[HSBC]]
* [[JP Morgan Chase]]
* [[Lloyds Banking Group]]
* [[Rabobank]]
* [[Royal Bank of Canada]]
* [[Société Générale]]
* [[Sumitomo Mitsui Banking Corporation|Sumitomo Mitsui Banking Corporation Europe Ltd]]
* [[Norinchukin Bank]]
* [[Royal Bank of Scotland]]
* [[UBS AG]]