The last rates based on the tarnished London Interbank Offer Rate, or Libor, were published on Friday, marking a mostly quiet end of a nearly decade-long effort to move away from what was once dubbed the world's most important number. While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. The benchmark was formalized in 1986 and has been used as a reference rate for a vast array of financial products, including student loans, credit cards, derivatives, corporate loans and mortgages, with over $370 trillion tied to it globally at its peak.
End of the line for Libor: authorities finally kill off US$220trn benchmark ifre.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ifre.com Daily Mail and Mail on Sunday newspapers.
US Dollar London InterBank Offered Rate LIBOR set to expire July 1 2023 creates complications for variable rate notes and bonds. Congress Federal Reserve passed legislation provide benchmarks but not thorough enough for some forms of debt.