On New Year’s Day a piece of financial history will be made: the tainted Libor benchmark will take a decisive step towards being phased out after 45 years as a fixture of global markets.
From January, the lending rate cannot be used as the reference rate in any new derivatives contracts, loans and credit card offers.
It will continue to live, in a lesser form, for the $230tn of existing contracts that rely on it as the basis for interest payments. But for regulators and banks, next month represents the moment when four years of arduous preparation to live without it goes into effect.
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