London Inter-Bank Offered Rate (LIBOR)

The formulation process starts with 16 banks each submitting quotes between 11.00am and 11.30am to Thomson Reuters, the designated agent for BBA LIBOR. The submissions are processed here and an average rate is released to the market via this platform by 12pm.
Another rate worth mentioning in the money market, it is the London Interbank Bid Rate (LIBID) which is the rate at which a bank borrows from other banks.
In normal market conditions, we find that LIBOR > LIBID, because the rate at which money is lent is higher than the rate banks will borrow money (deposits).