Interbank (interest) rate being phased out


Interesting long term development. I wonder if there will be a similar shake up of the Forex market?

“The head of Britain’s Financial Conduct Authority said that the London interbank offered rate, an interest-rate benchmark underpinning $350trn of financial products, will be phased out by 2021. Libor’s reputation was sullied when traders were caught manipulating it during the crisis in 2008, leading to whopping fines, and convictions. Its replacement will be based on market transactions, not banks’ judgments.”