Complex sentence: The LIBOR Market Model, also referred to as the BGM Model in industry, is an interest rate model used for the pricing of interest rate derivatives, especially exotic derivatives like Bermudan swaptions.
Split into simpler sentences: The LIBOR Market Model, also known as the BGM Model, is a financial model for modeling interest rates. It is used for pricing interest rate derivatives, especially exotic derivatives like Bermudan swaptions.