The daily value of LIBOR is drawn from a panel of contributing
banks chosen based upon their reputation, level of activity in the London
market, and perceived expertise in the currency concerned. Shortly before 11:00 A.M. each business day, each bank reports the rate at which it
could borrow funds of a reasonable market size by accepting interbank
offers from banks other than the LIBOR panel of contributing banks.
The contributed rates are ranked in order and only the middle two
quartiles are averaged in determining LIBOR.