Scandal-Laden Libor Moves to Its ‘Final Chapter’

The video discusses the upcoming cessation of Libor, a key financial benchmark, and its implications for the global financial system. Libor, linked to $260 trillion in assets, is being phased out due to a manipulation scandal and lack of underlying data. While some markets, like the UK, have made significant progress in transitioning away from Libor, the US faces challenges, particularly with legacy contracts in the derivatives market. The transition is a historic development, with some Libor rates extended until mid-2023.

Discuss the impact of the Libor manipulation scandal on the global financial system.

What progress has been made in the transition from Libor in different countries and markets?