近日，关于伦敦银行同业拆借利率（Libor）被操纵的事件报道愈来愈多。由于美国在全球金融领域的重要地位，Libor特别是美元Libor被操纵会对美国和全球的金融经济产生巨大影响，近日美国的一些监管部门开始调查相关银行，以期亡羊补牢。

recently，About London interbank offered rate（Libor）The manipulated reporting more and more。Due to the United States in an important position in the global financial field，Libor especially Libor was manipulated to $of the us and global financial economic enormous influence，Recently some American regulators began investigating related bank，Mend to。

　　Libor重要性再怎么形容也不为过。Libor利率是全球首要的金融基础指标，对于全球和美国金融市场有广泛的重要性。Libor利率本来是英国一个区域的银行业之间的拆借资金的利率，但是由于伦敦是世界头号外汇市场和货币交易中心，各币种的Libor早已成为了全球各主要金融产品设计和交易的参照标准。虽然欧洲有Euribor、纽约有Nibor、新加坡有Sibor等等，但是都无法取代甚至影响Libor的地位和作用。

Libor importance to how to describe too much。Libor rate is the first global financial foundation index，For the global and the U.S. financial markets have a wide range of importance。Libor rates was a British regional banking between the interest rate between funds，But because of London is the world's leading foreign exchange market and currency trading center，The currency has already become the Libor world's major financial product design and trading the reference standard。Although Europe have Euribor、New York has Nibor、Singapore has Sibor and so on，But even influence can replace Libor position and role。

　　美元Libor影响了大量互换和期货合约、大宗商品、个人消费贷款、房屋抵押贷款以及其他交易。美元Libor是在CME交易的三个月期欧洲美元期货结算的基础，该品种在2011年交易量的名义价值超过564万亿美元。此外，据BBA，名义价值约350万亿美元的互换合约以及10万亿美元的贷款直接与美元 Libor挂钩。据国际清算银行数据，在2011年，与欧元利率挂钩的场外利率衍生品的名义价值超过220万亿美元。全球银行间的信贷和拆借利率等，往往也都是参照相应币种的Libor再加“点”，美国约90%的商业和抵押贷款据信也与Libor挂钩。

Dollar Libor affected large swap and futures contracts、commodities、Personal consumption loans、Mortgage loans, and other transactions。Dollar Libor is trading in the CME three months period Europe futures based $settlement，This variety in 2011 under the name of trading volume was worth more than 564 trillion dollars。In addition，According to the BBA，Name about $350 trillion worth of swap contracts and the $10 trillion of loans directly to the dollar Libor hooks。According to the bank for international settlements data，In 2011，And the euro rates of interest rate derivatives linked outside the notional value of more than 220 trillion dollars。Global bank credit and between the overnight rate, etc，Often also is corresponding to the currency Libor plus“point”，The United States about 90% of the mortgage business and believed to link up with Libor also。

　　但是，这样重要的数据形成过程却极其简陋，简陋到非常容易被操纵。Libor利率是由英国银行业协会进行管理，由其选定16家银行就美元等几大主要货币当天的拆借利率进行自我报价，然后去除最高和最低的几个报价，再把剩余的十几家银行的利率进行简单的加权平均，再通过一个商业数据发布中心对外公布。如果Libor是银行基于实际情况的报价，它就可以反映整个金融市场真实的利率水平了，相关衍生产品交易根据这个利率来运行就是一种公平的状态。但它很容易被操纵。如果某家银行想让Libor水平朝向自己有利的方向，只需报出极端报价，让自己的数据被剔除，Libor数据就自然会朝向自己希望的方向倾斜。特别是，如果是数家大银行达成或明或暗的默契，就足以扭曲Libor。比如，在金融危机期间，如果银行按实情报价，那么公布出来的Libor就会高于被操纵了的Libor，但按实情报价会暴露这些银行的资金流动性状况，没有谁愿意自己资金紧张状况被市场察觉，因此刻意遮盖自己的意图，压低报价就成为各家银行心照不宣的举动。

but，Such an important data forming process is extremely simple，Simple to very easy to manipulate。Libor rates by British banking association management，Selected by the 16 Banks and several major currencies dollar libor rate of the self offer，Then remove the highest and lowest several offer，Put the rest of the dozens of bank rates of simple weighted average，Again through a commercial data release centre announced。If Libor is based on the actual situation of the bank offer，It can reflect the financial market of real interest rates，Related derivatives trading according to the interest rates to run is a kind of fair state。But it is easy to manipulate。If a Banks want to let Libor level toward the direction of the favorable，Just quote us extreme offer，Let their own data taken out，Libor data natural meeting on himself the direction of hope to tilt。especially，If several big Banks is reached or Ming or dark tacit understanding，Libor is enough to distortion。For example，During the financial crisis，If the bank to quote，So the published Libor will be higher than the Libor be manipulated，But according to the truth of these Banks offer will expose liquidity conditions，No one wants to be perceived tensions in the capital market，So deliberately cover your intentions，Quotations down will become the Banks of tacit act。

　　此外，这些报价银行还持有其它大量金融资产头寸，如果搞一下虚假报价，就能帮助这些头寸盈利。根据巴克莱银行的内部邮件，英国金融服务管理局在调查结论中称，2005年1月至2009年5月至少有14名利率衍生品交易员，173次要求巴克莱的利率申报员按照自己希望看到的利率水平申报，大部分情况下申报员都照做了。

In addition，These quotations bank also hold other large financial asset positions，If make a false offer，Can help these positions earnings。According to barclays bank's internal mail，Britain's financial services authority in the survey said in conclusion，In January 2005 to May 2009 at least 14 of the interest rate derivatives traders，173 times requirements of interest rates barclays declare member they want to see in accordance with interest rates to declare，Most of the cases according to declare member。

　　未来监管主要方向，就是对报价银行的资格进行重新审定，只有纯粹的商业银行才可以参与报价，那些混业经营的银行不得参与。同时，如此重要的数据，其形成过程仅仅由十几家银行参与，形成攻守同盟的条件太过便利，未来监管当局应当极大扩充参与Libor利率形成的银行数目，如果扩充到数百家以上，个别银行再极端的报价就不会有什么作用，而众多银行参与也使订立攻守同盟更加困难。

The future direction of the main supervision，The offer is for the bank to review，Only the pure commercial Banks can participate in an offer，Those who mixes industry the management shall not participate in the bank。At the same time，Such an important data，The forming process by only a dozen Banks in，Form the military alliance conditions too convenient，The future regulators should significantly enlarge Libor rates in the number of Banks form，If extended to the hundreds of above，Individual Banks to extreme price will not have a function，But many Banks in also make a military alliance more difficult。

　　由于美国是全球主要金融集中地，也是受到Libor利率影响最大的国家，同时美元Libor是全球市场上最重要的利率，因此美国必须对Libor的监管负起相应的责任。另外，自从2008年全球金融危机爆发以来，监管的国际化也已经成为了一个重要的内容，所以美国参与Libor的监管责任是天经地义的。现在的Libor利率只有十几家报价银行，美国只有花旗银行、美国银行等寥寥几家参与，对于美国的资金利率代表性不足，所以Libor利率报价银行应当扩充美国的银行参与。

Because the United States is the world's leading financial centrally，Libor rate is also being the biggest impact on countries，At the same time is the global market Libor dollars the most important interest rate，So the United States must to the supervision of the Libor take corresponding responsibility。In addition，Since the 2008 global financial crisis since the outbreak，The internationalization of regulation has also become an important content，So the United States involved in the supervision of the Libor responsibility is part of the natural order of things。The Libor rates now only a dozen offer bank，The United States had citibank、Bank of America, in a very few home，For American funds rate insufficient representative，So Libor rates shall be extended the offer bank Banks in the United States。

　　同时，美国应当与英国的监管部门充分沟通，共同致力于Libor形成过程的透明化。除了规定参与报价银行必须是合规的纯粹商业银行外，还要大大扩充参与银行尤其是美国的银行数量，还必须监督各报价银行报价合规与透明，确保其报价的真实性，同时银行每日的信贷数据必须报送监管部门备查。这样，报价银行就没有了操作的动机与空间，Libor利率就达到了真实和公正的要求。

At the same time，The United States should and British regulators fully communication，Common commitment to the forming process of Libor transparent。In addition to participate in an offer bank must be regulation compliance of pure commercial Banks outside，Also greatly expanded participation in bank especially the number of Banks in America，Also must monitor the compliance and transparent quotation bank offer，Ensure the authenticity of the quotation，At the same time the bank credit data must be submitted to the daily supervision department for future reference。this，The bank offer is not operating motives and space，Libor rate reached the requirements of the true and fair。

　　由于Libor利率对于全球经济和金融的极端重要性，加上美国是受到Libor影响最大的国家，美元Libor是所有Libor中最重要的品种，所以对Libor的监管需要美国监管部门的积极参与，才能获得成功。 （作者单位：东航国际金融公司）

Libor rates due to global economic and financial of extreme importance，And the United States is the largest country by Libor influence，Dollar Libor is the most important thing in all Libor varieties，So for Libor regulatory need active participation in the U.S. regulators，Success can be。 （The author unit：China international finance company）