The London Interbank Offered Rate – commonly known as LIBOR – will expire by December 31, 2021. The move is the result of major manipulation scandals and reduced trading based on the rate, which is linked to everything from credit cards to leveraged loans. Libor is deeply embedded in financial markets. Some $200 trillion of derivatives are tied to the U.S. dollar benchmark alone and most major global banks will spend more than $100 million this year preparing for the switch.
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