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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 swaps, foreign currency options and forward rate agreements.
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.
Until 1998, the shortest duration rate was one month, after which the rate for one week was added.
In 2001, rates for a day and two weeks were introduced The USD Libor in London is the most recognised and predominant one.
There are three major classifications of interest rate fixings instruments, including standard inter bank products, commercial field products, and hybrid products which often use Libor as their reference rate.
In particular, the Financial Services Act 2012 brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.
The Swiss franc Libor is also used by the Swiss National Bank as their reference rate for monetary policy.