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Global: Supervision of LIBOR changes hands

By  |  July 9, 2013

The scandal-plagued LIBOR interest rate benchmark system will be turned over to NYSE Euronext, say reports, in efforts to build back its credibility. After receiving various bids, the UK Treasury announced NYSE Euronext will run LIBOR. The British Bankers’ Association – along with several of the world’s largest banks – fell into a still-ongoing scandal after being accused of manipulating the interest rates, which serve as benchmarks for an estimated $10 trillion in loans. Since the scandal broke, more than $2 billion in fines has been issued to banks, Barclays has admitted to manipulating LIBOR and at least 10 companies have been linked to the case. The BBA said in a statement it would aid in the seamless transition of LIBOR over to NYSE Euronext, say reports.

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