LIBOR (London Inter-bank Offered Rate) has been a dominant interest rate benchmark since the 1980s and is referenced in trillions of dollars of financial contracts, including derivatives and variable rate commercial loans.

In the past decade, LIBOR has come under increased scrutiny as the inter-bank lending transactions underlying LIBOR decreased and left the benchmark susceptible to manipulation and scandal.

Led by the United Kingdom’s Financial Conduct Authority, regulators have taken steps to cease the publication and use of LIBOR by the end of 2021.