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Benchmark interest rates - LIBOR.

USD LIBOR provides an indication of the average rate at which contributory panel banks in London could obtain wholesale, unsecured funding for a given period, denominated in USD.

New use of USD LIBOR is banned
"The remaining 5 US dollar LIBOR settings will continue to be calculated using panel bank submissions until mid-2023.
However, new use of US dollar LIBOR is now banned, with limited exceptions.
The US dollar risk-free rate SOFR is already being widely used in new business.
Firms should now focus on converting their legacy US dollar LIBOR contracts by mid-2023."
Changes to LIBOR as of end-2021 - Financial Conduct Authority.

See also

External link