The London Interbank Offered Rate (LIBOR), has been used widely to set the rates for many financial transactions, such as business loans, corporate bonds, and derivatives. LIBOR is scheduled to be phased out in 2021 and lose its status as the global interest rate benchmark and be replaced in the US with the Secured Overnight Financing Rate (SOFR). As a future business professional, you will need to understand the challenges of this transition and its impact on both financial and non-financial corporations. That knowledge will allow you to navigate easier these areas and contribute to finding ways to benefit from managing these developments.

Why is LIBOR been replaced? please list your resource(s) and include one lesson learned that can be useful in the future