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All change for Libor
NYSE Euronext Rate Administration Limited, a subsidiary of NYSE Euronext (NYX), today announced that following a rigorous selection process conducted by the independent Hogg Tendering Advisory Committee, NYSE Euronext Rate Administration Limited has been appointed as the new administrator for LIBOR.
The transfer of the administration from BBA LIBOR Ltd, the subsidiary of the British Bankers’ Association (BBA) is expected to be completed in early 2014, once the Financial Conduct Authority’s (FCA) authorisation of NYSE Euronext Rate Administration Limited is complete.
Following the recommendations of the Wheatley Review in September 2012, the Hogg Tendering Advisory Committee was mandated by both HM Treasury and the FCA to supervise the selection of a new LIBOR Administrator and to present its recommendations to the BBA. This process has now been concluded and NYSE Euronext Rate Administration Limited has been selected as the new administrator for LIBOR.
As part of a leading global exchange and market infrastructure group, NYSE Euronext Rate Administration Limited is uniquely placed to restore the international credibility of LIBOR. NYSE Euronext Rate Administration Limited will be able to leverage NYSE Euronext’s trusted brand, long regulatory experience and market-leading technical ability to return confidence to the administration of LIBOR.
Finbarr Hutcheson, CEO of NYSE Liffe 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. We look forward to working with BBA LIBOR Ltd 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.”
