Following the Libor rate rigging scandal, with derivatives traders at various UK banks proved to have been manipulating the rate to their own advantage between 2005-9, several UK banks were slapped with multi-million pound fines including UBS, RBS and Barclays.
The long-running saga ended with the regulator removing the administration of the rate from banking trade body subsidiary, the BBA.
The transfer will complete in early 2014, after the FCA completes the new administrator’s authorisation.
Following the recommendations of the Wheatley Review in September 2012, the Hogg Tendering Advisory Committee supervised the selection, mandated by both HM Treasury and the FCA.
NYSE Euronext Rate Administration said it is “uniquely placed to restore the international credibility of LIBOR.”
Finbarr Hutcheson, CEO of NYSE Liffe said: “We look forward to working with BBA LIBOR in completing the smooth transition to NYSE Euronext Rate Administration Limited, and continuing the process of restoring credibility, trust and integrity in LIBOR as a key global benchmark.”
