British financial regulators have decided to cancel the interest rates. The cancellation will be carried out gradually up to 2021, when LIBOR will be completely withdrawn from circulation.
LIBOR (London InterBank Offered Rate) is an important indicator used as an anchor to bind in a huge number of financial transactions around the world.
However, the credibility of LIBOR has been shaken after a scandal with the manipulation of them that ended with fines of $ 9 billion.
In addition, the number of transactions between London banks decreased significantly, which relies less reliable indicator.