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This impacted all 35 LIBOR rates across various currencies and maturity periods.
The British central bank stated that shifting away from LIBOR, which was previously tied to around $400 trillion worth of financial contracts, has improved the safety, stability, and suitability of financial markets for contemporary purposes.
The most recent synthetic LIBOR rate values were released on September 30, serving as a temporary solution to allow companies additional time to transition old contracts linked to LIBOR to different instruments.
Financial authorities started to gradually eliminate LIBOR in 2017 following revelations that traders at big banks were manipulating the rate, which was used in various financial contracts including corporate and mortgage loans and interest rate derivatives. The rate calculation came to a halt on June 30, 2023.
According to the report, the shift from LIBOR to different rates required a lengthy and intricate international collaboration across industries.
source: ft.com
The British central bank stated that shifting away from LIBOR, which was previously tied to around $400 trillion worth of financial contracts, has improved the safety, stability, and suitability of financial markets for contemporary purposes.
The most recent synthetic LIBOR rate values were released on September 30, serving as a temporary solution to allow companies additional time to transition old contracts linked to LIBOR to different instruments.
Financial authorities started to gradually eliminate LIBOR in 2017 following revelations that traders at big banks were manipulating the rate, which was used in various financial contracts including corporate and mortgage loans and interest rate derivatives. The rate calculation came to a halt on June 30, 2023.
According to the report, the shift from LIBOR to different rates required a lengthy and intricate international collaboration across industries.
source: ft.com
