The end of an era is fast approaching and after 2021 the FCA will no longer require from LIBOR panel banks to publish quotes for the various LIBOR tenors. After the events of 2012 where major international lending banks were fined after allegations that they have manipulated LIBOR, steps have been taken to re-form the LIBOR market and develop new alternative rates that will be based on actual overnight transactions and not the “expert judgement” of the LIBOR panel banks due to the declining amount of unsecured, wholesale borrowings by banks since the financial crisis.