I understand that they are essentially the same. Is the only difference that Euribor is used in international transactions in Euro and Libor, Pibor etc are used in the Pound transactions when the banks lend to other domestic banks?
Does PIBOR exist anymore? I don’t think so. EurIBOR is for Euros. LIBOR is for dollars. PIBOR used to be French francs. Edit: I made a bunch of money trading PIBOR once. Sniff.
JoeyDVivre Wrote: ------------------------------------------------------- > EurIBOR is for Euros. LIBOR is for dollars. > PIBOR used to be French francs. > Ummm… I still do not get it. Are these Interbank offer rates classified on the basis of currency or Location? Because essentially NYBOR and LIBOR will both be on $. Also, Euribor and LIBOR will both be the rates for London based banks.
There are 16 banks that submit rates for LIBOR. At least two or three are US banks (probably the BBA has a website with a list). It shouldn’t be about location. NYBOR doesn’t exist, AFAIK, but has been proposed because it sucks that lots of US borrowing costs are tied to a rate set by foreign banks who seem to be lying all over the place because as the credit crunch hits Europe harder, reporting their real cost of funds will make it obvious that they are in trouble. Thus, an undercurrent to only include real banks not these phony British ones.
Anupam, Almost every country or region (Eurozone) with a functioning interbank market has a form of “IBOR.” The “IBOR” in each country is “fixed” each day via an X number of local banks submitting their borrowing costs. For example, Poland has WIBOR (Warsaw interbank offer rate) where a number of local banks in Poland submit their unsecured borrowing costs to the WIBOR panel.
you can get nybor rates from the icap website
Yep - news to me…
Most of this is BS. You can get LIBOR rates in GBP, USD, EUR, AUD, JPY, CAD, CHF etc. I there are about 10 currencies you can get quotes for in maturities ranging from overnight to annual. The panel for USD lending is: Bank of America Bank of Tokyo-Mitsubishi UFJ Ltd Barclays Bank plc Citibank NA Credit Suisse Deutsche Bank AG HBOS HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank Royal Bank of Canada The Norinchukin Bank The Royal Bank of Scotland Group UBS AG West LB AG So there are 5 british banks - if you count RBS, BARC and HSBC as British in much apart from listing. I don’t think it makes much sense to say that the rate is rubbish because European banks are lying - if that is the case then the Americans and Japs are lying just as much (which is probably the case). The ICAP “NYBOR” was a neat marketing trick - in fact the NYBOR has given very similar readings to LIBOR since it was launched, but that’s irrelevant because nobody uses it. P(aris)IBOR and F(rankfurt)IBOR merged into the EURIBOR framework. The vast majority of panel banks here are from the eurozone countries. More about “NYBOR” here: http://ftalphaville.ft.com/blog/2008/04/23/12530/nybor/ edit: and here: http://www.ft.com/cms/s/0/dcb15f98-4186-11dd-9661-0000779fd2ac.html
Wait a minute - I never said that American banks weren’t lying. It’s just that if Americans are going to be screwed by lying we want to be screwed by lying Americans, not lying Brits. It’s pretty much the foundation of American independence.
lol. But there are plenty of yank banks involved - plus it should be remembered that RBS (Citizens), HSBC (Household), BARC (BarCap/Lehman(!)) have pretty large US businesses. As do Credit Suisse, UBS and Deutsche. It would be odd to exclude them from setting USD x-IBOR. The only real anomalies are HBOS and LLOY. Maybe now GS and MS are bank holding companies we could include them instead? 
Errrr…