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Welcome to the second video of the Libra transition series. The first video covered flybar, its issues, and replacement with RFR. Now, let's do a quick recap of Libor. Libor is based on rates major London banks would borrow funds at. Banks submit rates, and top/bottom quartiles are discarded for an average rate. Example: Libor rate is 2.5. There are Libor rates for USD, EUR, GBP.