Objective reference points are a necessity of life that is often taken for granted. Think of the directions of the compass used for navigation or watch hands marking the passage of time. We need beacons as references.

One important reference point, perhaps hidden for many people because it is assumed to be too technical, is the global interest rate benchmark known as the London interbank offered rate (Libor). While it is perhaps the most important reference point in all of finance, Libor is a benchmark that isn’t going to be around much longer. The implications of this change are as interesting and complex as the interest rate itself might be relatively unknown and technical...

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