In the current environment, the backward-looking rate was chosen as the RFR term rate in the definition of the LIBOR fallback for derivatives and is seen in new RFR futures and vanilla swaps, for example. The forward-looking rate seems to be preferred in defining fallbacks for cash instruments. The US Dollar LIBOR interest rate is the average interbank interest rate at which a large number of banks on the London money market are prepared to lend one another unsecured funds denominated in US Dollars. The US Dollar (USD) LIBOR interest rate is available in 7 maturities, from overnight (on a daily basis) to 12 months. But SOFR is an overnight rate, and therefore much more volatile than LIBOR, leading experts to think a new, forward-looking SOFR would be the best replacement. LIBOR, dubbed the world’s most important number, is a scandal-plagued benchmark that undergirds about $350 trillion in loans.