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Does LMM stand for

Does LMM stand for? Explain.

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The LIBOR Market Model (LMM), also termed as the BGM or BGM/J model, it is a model for the stochastic evolution of forward interest rates. Its major strength over other interest rate models is that this describes the evolution of forward rates which exist, at market-traded maturities, when opposed to theoretical constructs like the spot interest rate.

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