LIBOR interest rate to be phased out

Britain’s main financial regulator said today that a key benchmark interest rate will be phased out by the end of 2021. LIBOR, the London Interbank Offered Rate, was badly damaged a few years ago in a multibillion dollar rate-rigging scandal. The Brits hope a new benchmark, called SONIA — the Sterling Over Night Index Average — will take its place.  

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