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LIBOR – the London Inter-Bank Offered Rate — is a benchmark interest rate used by major global banks to lend to one another in the international interbank market. There are multiple LIBOR rates, ranging from overnight loans to 12-month terms. Before the LIBOR scandal came to light in 2012, it served as the foundation for global interest-related products: loans, bonds, interest rate swaps, collateralized debt obligations, and more. More recently, American institutions have moved away from LIBOR to the Secured Overnight Financing Rate, which offers just one short-term rate.