Bloomberg reported that Libor is attempting to fend off a challenge to its throne as the global benchmark for dollar-based assets from suddenly scrutinized SOFR..

Bloomberg noted that Libor (London interbank offered rate) maintains an important position, with more than $370 trillion of instruments currently underpinned by it.

Bloomberg said SOFR (secured overnight funding rate), which is the heir apparent to Libor’s throne, is “under mounting scrutiny after the erroneous inclusion of some transactions.”