Page 10 - Barclays Bank (B)

The 25% highest and lowest submissions are excluded, this is
done to exclude outliers, and the average is taken from the

remaining rates, rounded on five decimals. The Libor rates were,
daily before noon, published by Thomson Reuters, on behalf of

the BBA but as of January 2014 the Intercontinental Exchange
(ICE) Benchmark Administration became responsible for the

calculation and responsibility of the Libor rate.

The individual submissions by the banks’ to the British Bankers

Association (BBA) were also published, giving an idea of the banks
relative creditworthiness based on their estimates of the

interbank money market, where banks borrowed cash from each
other to fund their day-to-day operations. This prevented them

from deviating too far from the truth because their fellow market
participants knew what rates they were really being charged.

However, the BBA had no punitive powers, so there was little to
discourage firms from cheating.