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Oonagh McDonald

incorporated it into the new types of lending and financial instruments they developed or promoted. Introducing a different benchmark would undoubtedly have been difficult. The early days David Clark, chairman of the Wholesale Markets Brokers Association, connected LIBOR to the advent of the Eurodollar:2 geopolitical forces, especially the Vietnam war, the emergence of global trade imbalances and restrictive legislation in the U.S., … resulted in the unexpected and sudden creation of the Eurodollar market in London in the 1960s. It was from this start that syndicated

in Holding bankers to account