The U.S. Department of Justice's pursuit of the participants in the LIBOR conspiracy almost exclusively through fraud claims stands in dramatic contrast with the European Commission's use of antitrust law to impose fines on the same parties for the same conduct. This short note describes the...

We introduce an endogenous network model of the interbank overnight lending market. Banks are motivated to meet the minimum reserve requirements set by the Central Bank, but their reserves are subject to random shocks. To adjust their expected end-of-the-day reserves, banks enter the interbank...

We evaluate the classical Cox, Ingersoll and Ross (1985) (CIR) model using data on LIBOR, swap rates and caps and swaptions. With three factors the CIR model is able to fit the term structure of LIBOR and swap rates rather well. The model is able to match the hump shaped unconditional term...