For anyone in denial about the end of the world’s most widely used benchmark interest rate, the Securities and Exchange Commission has a message: Don’t be.
The London Interbank Offered Rate (Libor), a benchmark rate tied to hundreds of trillions of dollars of bonds, loans, and derivatives around the world, became synonymous with scandal in 2012 when an investigation revealed a vast rate-rigging scheme. Regulators announced the rate will be phased out by the end of 2021.
“This is real. This is happening,” SEC Chief Accountant Sagar Teotia said Aug. 12 at the American Accounting Association’s annual meeting in ...
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