Do you think SOFR is their replacement or ours? I don’t know enough about it yet, but BASEL III looks like it’s going to be theirs.

In 2012, revelations emerged about the manipulation of the London Interbank Offered Rate (LIBOR) by various global banks. This scandal led to a significant shift in regulatory attitudes towards LIBOR, which was deeply embedded in the financial system due to its connection with approximately $300 trillion worth of loans, derivatives, and other financial instruments across multiple currencies.[3] Contributing to the concerns was the noticeable decrease in the volume of transactions underpinning the benchmark. Consequently, UK financial regulators established a deadline of 2021 for financial firms and investors to complete their transition away from the LIBOR.[3]