LIBOR

Definition:

London Interbank Offered Rate. LIBOR was the daily Reference Rate at which banks can borrow unsecured funds from other banks in the London Interbank Market.

LIBOR is being discontinued. LIBOR ceased immediately after December 31, 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and immediately after June 30, 2023, in the case of the remaining US dollar settings.

The Financial Conduct Authority (FCA) continues to require publication of the 1-month, 3-month and 6-month US Dollar LIBOR settings using a synthetic methodology. Those settings were ceased permanently at the end of September 2024.

See SOFR and SONIA.

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