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There's been a looming deadline hanging over financial markets that's coming to an end this summer.

And the deadline has to do with shifting away from this notorious benchmark rate called Libor.

It was used for decades to price different kinds of investments, like loans.

When regulators announced a few years ago that the global financial system would be moving away from Libor,

the task seemed kind of daunting.

Here's the F.T.'s U.S. capital markets correspondentent, Harriet Clerfeldt.

I spoke with a director at the investment firm KKR who has been involved in the libel

transition and she said something which really stuck out to me about basically the deeply ingrained nature of Libor,

just because it's been used for such a long time.

...