Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 13, 2017 erstellt
Description:
The investigations into LIBOR have highlighted that it is subject to manipulation. We examinea new method for constructing LIBOR that produces an unbiased estimator of the true rate.LIBOR itself is based solely on transactions. We allow for fines when a bank's transaction isdifferent than a comparison rate, which depends on the set of transactions and non-manipulatedrates elicited by a revealed preference mechanism. These non-manipulated rates will alwaysbe used in the fines, but transactions may not. We address how this approach applies to otherfinancial benchmarks and how it works even in markets in which there are few transactions