Pending authorization from the Financial Conduct Authority (FCA), the transfer of the administration from BBA Libor, the subsidiary of the British Bankers’ Association (BBA) is expected to conclude in early 2014.
The Hogg Tendering Advisory Committee which was set up by the UK Treasury and chaired by Baroness Hogg, was mandated by both HM Treasury and the FCA to supervise the selection of a new Libor administrator.
The London derivatives exchange Liffe operator NYSE Euronext won against other competitors, including the London Stock Exchange and Markit, a financial data provider.
NYSE Liffe CEO Finbarr Hutcheson said, "At the time of its publication, NYSE Euronext welcomed the findings of the Wheatley Review of LIBOR and today we are delighted to have been selected by the Hogg Tendering Advisory Committee to become the new administrator for LIBOR."
A series of rate rigging scandals have greatly eroded the investors’ faith from the transparency process in settling the Libor rates, a benchmark for nearly $550trn in contracts from complex derivatives to credit card bills.
NYSE Euronext, the transatlantic exchanges operator, manages exchanges in Europe and the US, including the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca, and trades equities, futures, options, fixed-income and exchange-traded products.
