London Interbank Offered Rate (LIBOR) To Be Replaced In 2021

London Interbank Offered Rate (LIBOR)London Interbank Offered Rate (LIBOR), a lending rate which underpins more than $350 trillion of financial products including mortgage rates and other loans, has been in the middle of a price-fixing scandal for years now. It was revealed in 2012 that fraud had been committed by banks who helped set the daily rate of borrowing. The Financial Conduct Authority (FCA) has determined that a more reliable alternative is needed, so it’s been decided that London Interbank Offered Rate (LIBOR) will be replaced by the end of 2021.