Libor Fades Into History After 50 Years of Benchmark Dominance
- Rate once underpinned trillions of dollars of global assets
- Effort to phase out benchmark has been decade in the making
This article is for subscribers only.
Libor, the more than 50 year-old reference rate that came to epitomize Wall Street malfeasance, will soon be no more.
The benchmark will have its last fixing at around 6:55 a.m. New York time Friday, fading away with little fanfare after once underpinning hundreds of trillions of dollars of assets globally.