London Interbank Offered Rate.A daily compilation by the British Bankers Association of the rates that major international banks charge each other for large-volume, short-term loans of Eurodollars, with monthly maturity rates calculated out to one year. • These daily rates are used as the underlying interest rates for derivative contracts in currencies other than the euro. — Abbr. LIBOR. Cf. EURO INTERBANK OFFERED RATE. LONDON
[Blacks Law 8th]