The most important numbers in finance

The importance of Libor:

"Judged by the amount of money directly dependent on it, the British Bankers’ Association’s London Interbank Offered Rate matters more than any other set of numbers in the world."

Would it surprise you to know that the calculation of this most important set of numbers is managed by a staff of two? Of course, they have some backup:

"It’s the back-up arrangements that tell you something about how much the calculation matters. The co-ordinators have dedicated phone lines laid into their homes so they can still work if a terrorist attack or other incident stops them reaching the office. A similarly equipped building, near the office, is kept in constant readiness, and there’s a permanently staffed back-up site in a small town around 150 miles from London (I won’t be any more precise than that). Its employees periodically work in the London office, so that they’re ready to take over if need be."

Why the precautions? Because "if Libor suddenly became unavailable, large parts of the global financial system would be paralysed."