伦敦同业拆借利率事件反映基准利率体系需要进一步变革

Libor manipulation suggests further reforming benchmark interest rate system

Libor即伦敦银行同业拆借利率，被认为很大程度上代表了最真实的市场资金需求状况，是全球短期利率的重要基准。但在金融危机期间，其表现引起广泛质疑，为此，多国监管机构对Libor操纵事件展开深入调查。文章分析指出，受影响银行资金成本的资金来源结构发生重大变化、金融市场全球化带来的报价行样本和时差问题对资金成本也有重大影响等因素影响，Libor报价机制存在滞后于金融市场发展的问题，未来Libor改革存在调整修补定价机制、改造为交易利率或被替代等选项，改革方案的争论体现了欧美对基准利率话语权的激烈博弈。

Libor, London Interbank Offered Rate, is considered as an important benchmark for global short-term interest rate, commonly representing the real demand for market funds. However, during the financial crisis, Libor has aroused wide suspicion. In this regard, regulatory authorities of several countries have carried out in-depth investigations on Libor manipulations. The article reveals that the bank funding cost and the fund source structure have changed substantially, the quoting bank sample and time difference issues due to financial market globalization have significant impacts on the funding costs, and the Libor quoting system is somewhat lagging behind the financial market development. The future Libor reform could be in the form of adjusting and revising the pricing system, applying the trading interest or finding alternative. The debate over the reform option reflects the tough competition between the European countries and the United States on the benchmark pricing.