The London Interbank Offered Rate (LIBOR) is published daily by the ICE Benchmark Administration (IBA) and reflects the lending cost for banks in the unsecured money market for various currencies.
LIBOR represents a wholesale funding rate provided by LIBOR panel Banks (i.e. Banks contributing to the calculation of LIBOR) based on unsecured wholesale transactions to the greatest extent possible, with a waterfall to enable a rate to be published in all market circumstances.