London interbank offered rate
London interbank offered rateThe interest rate that the largest international banks charge each other for loans, usually of Eurodollars. In fact, LIBOR includes rates quoted each day for many currencies, excluding the euro, but it is the rate for dollar loans that is used as a benchmark for other transactions.
Clearing House Interbank Payments System (CHIPS)Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value payments operated by a group of major banks.
Society for Worldwide Interbank Financial TelecommunicationsSociety for Worldwide Interbank Financial Telecommunications
An international body which sets protocols and standards for international payment systems, such as electronic money transfers.
London Interbank Offered Rate (LIBOR)London Interbank Offered Rate (LIBOR)
The rate of interest that major international banks in London charge each other for borrowings. Many variable interest rates in the US are based on spreads off LIBOR. By contrast with the bid rate LIBID quoted by banks seeking such deposits.
Society for Worldwide Interbank Financial Telecommunications (SWIFT)Society for Worldwide Interbank Financial Telecommunications (SWIFT)
A dedicated computer network to support funds transfer messages internationally between over 900 member banks world-wide.
Clearing house interbank payment systemClearing house interbank payment system
A computerised payment system for clearing cheques in New York.
Further SuggestionsInterbank rate
London Interbank Bid Rate (LIBID)
Paris Interbank Offer Rate (PIBOR)
Moscow Interbank Currency Exchange (MICEX)