In 1991, I began trading for Morgan Stanley, the investment bank, in London. I was trading bonds, derivatives and related securities. One of those securities was based on the three-month Libor rate: the interest rate at which banks can borrow money for three months from each other. Morgan Stanley does not trade on the interbank market so I could not directly borrow or loan money at Libor rates. What I could do, however, was trade a futures contract on the three-month Libor rate.
1991年，我开始在伦敦为投资银行摩根士丹利(Morgan Stanley)做金融资产交易。当时我的交易品种包括债券、衍生品以及相关证券。其中一种衍生品是基于3月期伦敦银行间同业拆借利率(Libor)，即一家银行向另一家银行借款3个月所应支付的利率。摩根士丹利不参与银行间市场交易，因此我不能直接以Libor借入或贷出资金。我能做的是交易3月期Libor期货合约。
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