LIBOR
London Interbank Offered Rate — the survey-based reference rate that priced an estimated $200-300 trillion of US-dollar contracts at peak. LIBOR was retired for new contracts after 2021 and final cessation in mid-2023 because the survey mechanism was manipulable: panel banks self-reported their borrowing costs without supporting transactions, and the 2012 LIBOR scandal exposed years of coordinated rate-fixing. Cumulative fines and settlements exceeded $9 billion. Replaced by SOFR for US-dollar contracts.
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Related terms
10Y Treasury · Altman Z-Score · Asset Sensitivity · Basel III · Bond ETF · Bretton Woods
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