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Many countries fix the rate of interest to be applied in such cases.
On the other hand, they claimed that government should fix the rate of interest.
But - as at Barclays and UBS - it's clear that some traders conspired to fix the rate by changing the rate that they submitted to the Libor panel.
Merchant and nine other highly paid investment bankers, working at Barclays' offices in London and New York, were accused in court of conspiring to fix the rate, though criminal charges were only brought against six men.
"It was completely open from the day I joined [the trading desk]." However, he claimed, that did not mean there was a plot at Barclays to fix the rate: "We were just doing our job," he said.
The Wall Street Journal is reporting that Alex Wilmot-Sitwell, a former top UBS executive, is under fire over the testimony he gave to Parliament in January, regarding attempts by traders to fix the rate at which banks would lend to each other.
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The regulators, including the US department of justice and the Commodity Futures Trading Commission, said Barclays had also taken steps to fix the rates as the bank was concerned about its public image during the 2008 financial crisis.
In April, Deutsche Bank paid $2.5bn £1.71bnn), a record amount, to settle regulatory investigations into its involvement in fixing the rate.
It might be a case of fixing the rate of exchange or even agreeing to invoicing in GBP, but it's a major factor.
Having fixed the rate of viral infectivity loss, we are left with four undetermined parameters and two experimental measures.
In the case of proliferating cells their demand was specified as their abundance times the proliferation rate μ, the latter fixing the rate of the auxiliary reaction modeling biomass synthesis (Table S1, Biomass synthesis auxiliary reaction).
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CEO of Professional Science Editing for Scientists @ prosciediting.com