End of Libor Signals Evolution of Financial Markets and Banking
The chapter discusses the history of Libor, how it became outdated, and its impact on financial markets. Libor was created in the 1960s to help banks manage their funding costs, but it faced challenges during the credit crunch. It was used as a benchmark for various financial products, but its flaws led to its eventual demise. The end of Libor shows the financial industry's ability to adapt and innovate.