Libor Rates Set for Last Time, Closing Books on Five-Decade Run

The three-month London interbank offered rate for dollars fixed for the final time on Friday, ending 50 years as a global benchmark.

The rate for lending between banks rose roughly 1.2 basis points to 5.54543%. The spread of Libor over overnight index swaps — once a barometer of funding pressure — was wider at 26.6 basis points.

Despite its entrenchment in the global financial system, Libor had faded long before the June 30 fixing. Derivatives linked to the discredited benchmark were phased out in April, when eurodollar futures and options — for decades the bread and butter of those wagering ...