Goodbye, LIBOR

The benchmark will have its last fixing at around 6:55 a.m. New York time on Friday, and some borrowers and lenders are still scrambling to amend contracts.

By Alexandra Harris & By Paula Seligson | June 29, 2023 at 12:43 PM

Photo: A trader is reflected in a market screen on the floor of the New York Stock Exchange (NYSE) on August 25, 2015. (Photo by Spencer Platt/Getty Images)

LIBOR, the more than 50-year-old reference rate that came to epitomize Wall Street malfeasance, will soon be no more. The benchmark will have its last fixing at around 6:55 a.m. New York time Friday, fading away with little fanfare after once underpinning hundreds of trillions of dollars of assets globally.

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