LIBOR is the average interest rate at which major global banks borrow from one another. It is based on five currencies including the US dollar, the euro, the British pound, the Japanese yen, and the Swiss franc, and serves seven different maturities—overnight/spot next, one week, and one, two, three, six, and 12 months. Unlike the prime rate, LIBOR is not one rate; LIBOR exists in different loan maturities and 10 currencies. For example, the one-week U.S. dollar LIBOR rate applies to an interbank loan of dollars for a one-week period. U.S. banks use this international interest-rate benchmark when establishing lending fees for adjustable-rate mortgages. The Securities Industry and Financial Markets Association (SIFMA) named reference rate transition from the London Interbank Offered Rate (LIBOR) to its alternatives as one of two leading fixed-income market developments for 2019. 2 And the Financial Stability Oversight Council (FSOC) has repeatedly identified reference rate transition as a