The London Interbank Offered Rate (LIBOR) was a benchmark interest rate at which major global banks lent to one another in the international interbank market for short-term loans.

LIBOR served as a globally accepted key benchmark interest rate that indicated borrowing costs between banks. The rate was calculated and published each day by the Intercontinental Exchange (ICE), but scandals and questions around its validity as a benchmark rate resulted in it being phased out.