Bloomberg reported that LIBOR (London interbank offered rate) is attempting to fend off a challenge to its title as the global benchmark for dollar-based assets from SOFR (secured overnight funding rate), which is coming under scrutiny.

Bloomberg added that LIBOR maintains an important position, with more than $370 trillion of instruments currently underpinned by it.

According to Bloomberg, SOFR, which is the heir apparent to LIBOR’s throne, is “under mounting scrutiny after the erroneous inclusion of some transactions.”