Banks and regulators around the world have managed to replace the plumbing of the entire financial system, even as almost nobody has noticed. Driving the news: As of Monday, Libor — the interest rate that once underpinned some $300 trillion in financial contracts from derivatives to corporate credit lines — will effectively be dead.Get market news worthy of your time with Axios Markets. Subscribe for free.Why it matters: The easily-manipulable Libor was at the center of one of the biggest scanda
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The plumbing of the world’s financial system has been replaced — and almost nobody noticed
