伦敦同业拆借利率操纵事件及其改革动向分析

The incident with Libor manipulation and the reform proposals

近期巴克莱等国际主要金融机构卷入伦敦同业拆借利率（Libor）操纵事件，引起了市场广泛关注。文章针对Libor操纵事件进行了专题研究，概括总结了Libor形成机制与主要用途，梳理了Libor操纵事件的主要情况，研究了事件造成的主要影响、形成的原因及改革前景，并提出Libor操纵事件带来的主要启示与相关政策建议。

Recently, Libor manipulation by Barclays and other major financial institutions has aroused widespread market concerns. This article presents the Libor manipulation issue by summarizing Libor pricing mechanism and its major applications, analyzing the Libor manipulation case, and examining its major impacts, reasons and prospects of reform, followed by the key implications and the relevant policy suggestions on Libor manipulation.