Editing Libor (section)

===Calculation===
Libor was calculated by the [[Intercontinental Exchange]] (ICE) and published by [[Refinitiv]]. It was an index that measured the cost of funds to large global banks operating in London financial markets or with London-based counterparties. Each day, the BBA surveyed a panel of banks (18 major global banks for the USD Libor), asking the question, "At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11&nbsp;am?" The BBA threw out the highest four and lowest four responses, and averaged the remaining middle ten, yielding a 22% [[trimmed mean]]. The average was reported at 11:30&nbsp;am.<ref>{{Cite web|url=http://www.bbalibor.com/explained/the-basics|title=bbalibor: The Basics|publisher=The British Bankers' Association|url-status=dead|archive-url=https://web.archive.org/web/20150923182757/http://www.bbalibor.com/explained/the-basics|archive-date=23 September 2015|df=dmy-all|access-date=7 September 2014}}</ref>

Libor was actually a set of indexes. There were separate Libor rates reported for seven different maturities (length of time to repay a debt) for each of five currencies.<ref name="ice" /><ref name="nyfed">{{Citation
 |title       = LIBOR: Origins, Economics, Crisis, Scandal, and Reform (staff report)
 |first1       = David
 |last1        = Hou
 |first2      = David
 |last2       = Skeie
 |date        = 1 March 2014
 |page        = 4
 |access-date  = 6 April 2015
 |place       = New York
 |publisher   = Federal Reserve Bank of New York
 |url         = http://www.newyorkfed.org/research/staff_reports/sr667.pdf
 |id          = Staff Report No. 667
 |url-status     = live
 |archive-url  = https://web.archive.org/web/20150616042814/http://www.newyorkfed.org/research/staff_reports/sr667.pdf
 |archive-date = 16 June 2015
 |df          = dmy-all
}}</ref> The shortest maturity was overnight, the longest one year. In the United States, many private contracts referenced the three-month dollar Libor, which was the index resulting from asking the panel what rate they would pay to borrow dollars for three months.<ref>{{cite web |url=https://fas.org/sgp/crs/misc/R42608.pdf |title=Archived copy |access-date=2015-04-04 |url-status=live |archive-url=https://web.archive.org/web/20150924133524/http://www.fas.org/sgp/crs/misc/R42608.pdf |archive-date=24 September 2015 |df=dmy-all }}</ref>