Libor misrepresents market rates, poll finds

The London Interbank Offered Rate (Libor), a measure of interbank borrowing costs often used to gauge financial market stress, fails to reflect actual money-market rates for cash, traders say.

As a stress indicator, Libor has played an important role in the money-market operations of institutions such as the European Central Bank, the Bank of England and the Federal Reserve since the credit crisis struck in August. The Swiss National Bank's monetary policy targets the three-month Libor fixing

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