LIBOR phaseout primer

In July 2017, the head of the UK Financial Conduct Authority recommended a phaseout of the London Interbank Offered Rate by Dec. 31, 2021. LIBOR is the benchmark interest rate banks charge each other for overnight, one-month, three-month, six-month and one-year loans. The LIBOR rate is published daily in five currencies: the Swiss franc, the…

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