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Libor's long goodbye
Behind the Money
The Financial World Is Racing to the Finish Line to Move Away From LIBOR
LIBOR is the London Interbank Offered Rate, or L-I-B-O-R. It started off as a benchmark that banks could use to figure out what interest rate they should charge when giving out loans. A group of about 15 to 20 major banks would come up with a number that would represent how much they would charge to lend money to another bank. They various banks would put forward their number every morning on sort of working days,. and then an average would be taken of those, and that would be what was taken to be LIBor.
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