LIBOR currently plays an important role in financial market transactions and asset pricing, and is one of the most important and commonly used market interest rate benchmarks in the world. It affects a large number of interest rate futures, industrial and commercial loans, personal consumption loans, housing mortgage loans, swaps and futures contracts, commodities, derivatives and other transactions. According to the data of the Commodity Futures Trading Commission, there are about 800 trillion US dollars in securities or loans related to LIBOR. LIBOR even affects the central bank's judgment on monetary and economic policies. For example, the Swiss National Bank directly takes LIBOR as its monetary policy goal to ensure that the benchmark interest rate fluctuates within a certain range around LIBOR.

Currently, LIBOR is managed by the Price Administration of Intercontinental Exchange. It is denominated in five currencies, namely US dollar, euro, pound, Japanese yen and Swiss franc, and has seven different maturities, namely overnight, 1 week, 1 month, 2 months, 3 months, 6 months and 1 year. There are 35 different LIBOR quotes every trading day, of which the most commonly used is the three-month LIBOR in US dollars.