==Nibor, Libor and Euribor – all IBORs, but

different==

This memo takes a closer look at what lays behind different benchmark interest rates. Particular emphasis is put on how the different practices for quotation can explain why Nibor’s risk premium has on average been higher than the premiums in USD Libor and Euribor. Key: Benchmark rates, risk premia, IBOR, FX swaps, money market. 1.Introduction “IBOR” means Inter Bank Offered Rate. These four letters are common for the term reference rates in many countries around the world. In Norway, the term reference rate is Nibor. In the euro area it is Euribor and in the US it is Libor. In general, IBORs can be decomposed into two factors: the expected average level of the short-term (overnight) rate and a risk premium. The expected average of the overnight rate is closely linked to the central bank’s key policy rate, and thus reflects expected monetary policy over the relevant horizon. The risk premium can potentially reflect several things. One element is the credit risk associated with the panel of banks quoting the rates. Another is the liquidity premium that expresses the scarcity or abundance of money market credit in that particular currency over that particular horizon.

Watch the WATER fall

Since 1998, Libor has been defined by the panel banks’ daily answer to the following question: “At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11 am?” This question is posed in a way that defines Libor as an interbank offered rate. However, recognizing the fact that interbank term transactions are rare, the administrator of Libor, ICE Benchmark Administration Limited (IBA), has laid out a roadmap for the transition of Libor to a new “waterfall methodology”. This methodology entails a new output statement for Libor: “A wholesale funding rate anchored in LIBOR panel banks’ unsecured transactions to the greatest extent possible, with a waterfall to enable a rate to be published in all market circumstances”. The term “waterfall” refers to the ordering of inputs for the submissions into three levels. To the extent available, panel banks should base their submissions on Level 1 input, which are “eligible wholesale, unsecured funding transactions”. If no such eligible transactions were made, submissions should be transaction-derived (Level 2). That means utilizing time-weighted historical eligible transactions adjusted for market movements, and linear interpolation. If neither Level 1 nor Level 2 inputs are available, panel banks should base their submissions on expert judgement (Level 3). One important feature of the new methodology is that the eligible transactions are no longer limited to interbank loans. The eligible transactions are rates paid by banks on unsecured term deposits, as well as fixed rates paid on primary issuances of commercial paper (CP) and certificates of deposits (CD). The major part of CP and CD funding comes from investors outside the banking system, like money market funds and non-financial corporations.

Full article attached as PDF

>>9975013

The Clock is Ticking to Replace IBOR

https://www.capgemini.com/gb-en/2020/01/the-clock-is-ticking-to-replace-ibor/

Replacing IBOR is a vast undertaking for most banking enterprises and the countdown to implementation to meet the Jan 2022 deadline has begun.

IBOR FAILINGS: THE IBOR MOON IS MADE OF BLUE CHEESE

Due to the decline of unsecured interbank lending resulting from the collapse of Lehman Bros. in 2008 and then the 2012 LIBOR scandal, it was clear that IBOR was no longer fit-for-purpose. Therefore, National FSI regulators mandated a replacement for all interbank offered rates (IBOR) including LIBOR, EONIA, EURIBOR, CIBOR, NIBOR and STIBOR – all used massively in the financial industry and markets globally. The financial industry has now started the transition from the typically non-transaction[1] based IBORs to the chosen transaction-based risk-free alternative reference rates (ARR) [2]. These new rates differ from IBOR in the following ways:

ARRs are constructed differently to IBOR. ARR’s are overnight rates, borrowed partially on a secured basis – depending on the currency

ARR’s reference actual market transactions

ARRs are nearly risk-free because they are anchored to National Bank reserves, whereas IBOR reflects the perceived credit risks between panel banks

Fixings for ARR rates, therefore, tend to be lower. This could mean, that a trade transitioning from IBOR to an ARR has a different market value over time than it otherwise would have had.

The successful adoption of the new reference rates is expected to be a long and time-consuming effort. The respective national reserve banks have invited major banks, authorities, associations, selected investment companies, insurance companies and corporates to participate in working groups to discuss approaches and post recommendations for the transition. The deadline for this transition has been extended to the end of 2021

However, the timing of this event is suspicious given the WE Forum's plans for a Great Reset in Jan 2021 to replace Capitalism with something they dreamed up

Could the LIBOR rigging have been a Kayfabe to justify the Globalist implementing their central world-wide control of the financial system?

Watch the WATERfall Sequence

>>9975071

The Great >RESET

https://www.weforum.org/great-reset/

Just look at the imagery WE Forum uses to justify their replacement for capitalism. Neofeudalism is not something that we sheep would ever vote for knowing that it means permanent SERFdom and slavery for our descendants

There is an urgent need for global stakeholders to cooperate in simultaneously managing the direct consequences of the COVID-19 crisis. To improve the state of the world, the World Economic Forum is starting The Great Reset initiative.

The crowds with raised fists an muzzles on their faces are the Marxist Muzzle-im. If these followers of Bane are calling for it, should the Silent Majority comply with the madness?

>>9975136

WE tried to kill you and make you sick so you would be so frightened that you would agree to or program of slavery. Suspicious groups like WE Work in the USA and WE Charity in Canada seem to be linked to the WE Forum plan for Davis in January

THE CONTEXT

The Covid-19 crisis, and the political, economic and social disruptions it has caused, is fundamentally changing the traditional context for decision-making. The inconsistencies, inadequacies and contradictions of multiple systems –from health and financial to energy and education – are more exposed than ever amidst a global context of concern for lives, livelihoods and the planet. Leaders find themselves at a historic crossroads, managing short-term pressures against medium- and long-term uncertainties.

THE OPPORTUNITY

As we enter a unique window of opportunity to shape the recovery, this initiative will offer insights to help inform all those determining the future state of global relations, the direction of national economies, the priorities of societies, the nature of business models and the management of a global commons. Drawing from the vision and vast expertise of the leaders engaged across the Forum’s communities, the Great Reset initiative has a set of dimensions to build a new social contract that honours the dignity of every human being.

The 2nd image is the 7th Star of Babylon as used by Aleister Crowley, founder of the Thelema religion that is behind WE

>>9975192

Davis was incorrect. Should be Davos

>>9975192

Why the Great Reset also means fighting racism

https://www.weforum.org/agenda/2020/06/why-the-great-reset-also-means-fighting-racism/

o Great Reset launched on 3 June by Klaus Schwab and Prince Charles.

o IMF chief says it will mean "greener, smarter, fairer world".

o Schwab cites Mandela on link between racism and fair economy and society.

The Great Reset - rebuilding the global economy in a fairer, greener way as we come out of the coronavirus pandemic - will also require societies to battle and beat racism.

In his closing words at Wednesday's launch of the project, World Economic Forum Founder and Executive Chairman Klaus Schwab chose to cite Nelson Mandela, a man imprisoned for years for fighting institutional racism in apartheid South Africa and who became the country's president.

"I stood, 21 years ago, together with Nelson Mandela in Davos on the stage when he said: ‘We should lay the scourge of racism, of divisiveness to rest. This requires strong, democratic institutions and (the) will of everybody and the culture of compassion. None of this is possible without a strong economy and a cohesive society."

While much of the Great Reset will be about environmental sustainability and the better use of technology, it is also about seeking greater fairness and less inequality.

"The COVID-19 crisis has shown us that our old systems are not fit any more for the 21st century," Schwab said in his opening statement. "It has laid bare the fundamental lack of social cohesion, fairness, inclusion and equality."

We could try to go back to the world we had before the pandemic, he said, but that risked "the amplification of many of the trends we see today: polarisation, nationalism, racism and ultimately social unrest and conflicts."

A great reset of how the economy and society run would do the opposite, he said.

It was also a time to support those who had been left behind. Juliana Rotich, Venture Partner at Atlantica Ventures in Nairobi, said we were at an inflection point.

"There’s an opportunity to centre the reset on those who are most vulnerable, those on the edge where it only takes something like a pandemic to slide into poverty."

Other speakers at the launch echoed Schwab's concerns about inequality and racism.

Microsoft President Brad Smith made a direct reference to the racial conflict in his own country, and how the Great Reset could be part of the solution.

"Data, and technology more broadly, are indispensable tools to solving almost any of the problems that we confront," he said.

"And so when it comes to protecting people’s fundamental rights, as we are seeing in the United States today, we have been focused for several years on using data to shine a light on disparities, for example, between the practices of police on African-Americans and blacks in the United States in comparison with other populations - that is a slice of what we’ll need to address around the world."

In a passionate address, Kristalina Georgieva, the head of the International Monetary Fund said the Great Reset would result in a "greener, smarter, fairer world".

"We know this pandemic, if left to its own devices, will deepen inequality," she said.

"But if we were to concentrate in investing in people, in the social fabric of our societies, in access to opportunities and education for all, in expansion of social programmes - then we can have a world that is a better world for all."

>>9975191

>>9975180

What most people do not realize is that an N9s is intended for a healthy healthcare worker.

It only filters the air breathed in. The air breathed out is not filtered at all!!!

Therefore, if sick people with no symptoms wear an N95 mask, they spread the virus.

Most people on this board are not really awake

We are still uncovering the symptoms of the problem

But we rarely talk about the solutions

And what does it really mean, deep down in our souls, to say this…

Where We Go One We Go All