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, withtamper-proof alternatives Friday at 11:55 a.m. British Summer Time marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Passenger stabs himself to death in middle of London subway stationA subway passenger died of 'serious, self-inflicted injuries' after reportedly stabbing himself in front of other commuters at Sloane Square Station in London.
Read more »
Mattel CEO Flew to London to Argue With Margot Robbie & Greta GerwigThey reenacted the the 'Barbie' scene IRL to defend the film.
Read more »
Prince William busts a move at popular London nightclub — without Kate MiddletonThe Prince of Wales had a guys’ night out with two of his closest friends, seemingly to celebrate his recent 41st birthday.
Read more »
Shooting at Oakland’s Jack London Square leaves wounded man under arrestA 37-year-old man targeted by gunfire pulled his own gun, police said, firing at the other gunman but also shoottng himself in the foot — then getting his dte arrested by sending her to hide the gu…
Read more »