This memo takes a closer look at what lays behind different benchmark interest rates. Particular emphasis is put on how the different practices for quotation can explain why Nibor's risk premium has on average been higher than the premiums in USD Libor and Euribor.

In July 2011 Risk Magazine reported that some market operators believe that in 2007 and 2008 Libor rates underestimated the real cost of funding of banks since “some banks were putting in artificially low rates” (Wood, 2011). This is currently the focus of some lawsuits and investigations....

The purpose of this research is to determine the practicality of a prospective reform of the Moroccan money market's interbank rate within the context of the worldwide shift of reference indices. By analyzing 351 days of quotations, we were able to acquire an optimistic result using the chosen...