Business
The financial world’s ‘most important number’ refuses to die – Sydney Morning Herald
The benchmark interest rate used for trillions of dollars of financial transactions, is being phased out. It’s not going quietly.
Not surprisingly, given what we know of the way some banks and their traders have behaved in pursuit of profit, it was manipulated.
In 2012 traders were sent to jail, a number of the banks involved paid fines totalling about US10 billion ($A13 billion) and the UKs Financial Conduct Authority announced, in 2017, that LIBOR would be phased out by the end of this year.
Thats proved to be easier said than done. LIBOR is embedded in a myriad of loan and derivatives contracts, some which expire beyond…
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