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，我開始在倫敦為投資銀行摩根士丹利(Morgan Stanley)做金融資產交易。當時我的交易品種包括債券、衍生品以及相關證券。其中一種衍生品是基于3月期倫敦銀行間同業拆借利率(Libor)，即一家銀行向另一家銀行借款3個月所應支付的利率。摩根士丹利不參與銀行間市場交易，因此我不能直接以Libor借入或貸出資金。我能做的是交易3月期Libor期貨合約。
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