Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

LIBOR definition

What does LIBOR mean? In legal practice, LIBOR (the London Interbank Offered Rate) is the benchmark interest rate historically used in loans, bonds and derivatives to set floating interest. It was produced daily from panel-bank submissions of estimated unsecured wholesale funding costs in the London interbank market. LIBOR is not a statutory definition; it is a descriptive benchmark term used across finance documents and regulated as a “benchmark” under the UK and EU Benchmarks Regulation. For sterling and most other currencies, panel-bank LIBOR ceased on 31 December 2021; US dollar LIBOR ceased on 30 June 2023. In the UK, the FCA temporarily required “synthetic”...

LIBOR to Risk‑Free Rates: A Comprehensive Guide to Fallbacks, Loans, Derivatives, Bonds, Credit Adjustment Spreads, Tough Legacy, Legislative Fixes, Accounting, Euro Benchmarks and Synthetic LIBOR [Archived]

Published by a LexisNexis Banking & Finance expert

Practice notes

ARCHIVED : This Practice Note has been archived and is not maintained .

This Practice Note offers:

context on moving away from the London Interbank Offered Rate (LIBOR) and other Interbank Offered Rates (IBORs) towards risk-free rates (RFRs) (so called as they indicate minimal credit risk—see glossary definition below)
clarification of key terminology relating to the shift to RFRs
a table identifying the RFR chosen for each LIBOR currency and the priorities of the relevant Working Group
an outline of LIBOR contractual fallbacks
details of issues particular to the loan market arising from the transition to RFRs
details of issues particular to the derivatives market arising from the transition to RFRs
details of issues particular to the debt capital markets arising from the transition to RFRs
an update on the current position of EURO benchmarks, including EONIA, €STR and EURIBOR

For a quick reference guide, an FAQs list on LIBOR transition, and the key unresolved discussion points following the end of 2021, see Practice Note: Introductory guide to LIBOR transition...

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Web page updated on 21/05/2026

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