On arbitration, arbitrage and arbitrariness in financial markets and their governance: unpacking LIBOR and the LIBOR scandal
2015 (English)In: Economy and Society, ISSN 0308-5147, E-ISSN 1469-5766, Vol. 44, no 2, 188-217 p.Article in journal (Refereed) Published
Amongst a series of scandals to hit international financial markets in recent years, that surrounding the London Interbank Offered Rate (LIBOR) - a highly influential interest rate benchmark - has attracted particularly intense media scrutiny. This paper seeks to push beyond conventional understandings to unpack critically both LIBOR itself and the scandal involving its manipulation by major international banks. Envisioning LIBOR as a commodity beset by inherent contradictions, the paper mobilizes the tropes of arbitration, arbitrage and arbitrariness to illuminate, respectively: the market-making work performed by LIBOR; its role in enabling the transfer of financial risk, most notably when fraudulently manipulated; and the nature of the regulatory prosecution of such manipulation.
Place, publisher, year, edition, pages
2015. Vol. 44, no 2, 188-217 p.
Economics and Business
IdentifiersURN: urn:nbn:se:uu:diva-256140DOI: 10.1080/03085147.2015.1013352ISI: 000354529700002OAI: oai:DiVA.org:uu-256140DiVA: diva2:824739