Libor walks into sunset on New Year's Eve, with $265 trn at stake

Libor is being switched off, ending its role pricing derivatives and loans ranging from mortgages and student loans to business funding and credit cards

Bankers and regulators will be at their screens on New Year's Eve to see if what was once dubbed the world's most important number slips quietly into the history books.

The London Interbank Offered Rate, or Libor, is finally being switched off, ending its role pricing derivatives and loans ranging from mortgages and student loans to business funding and credit cards, which totalled $265 trillion globally as of the start of 2021. The rate is being scrapped a decade after banks were caught trying to rig it in what will be the biggest shake-up to markets since the introduction of the