The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

NYSE Euronext Subsidiary Takes Over Administration of Libor

NYSE Euronext subsidiary NYSE Euronext Rate Administration has been selected ahead of the London Stock Exchange as the new administrator of Libor. The transfer of administration of the benchmark from BBA Libor, a subsidiary of the British Bankers’ Association (BBA), follows an outbreak of attempts to manipulate Libor for financial gain last year and is expected to be complete when the Financial Conduct Authority (FCA) finalises authorisation of NYSE Euronext Rate Administration in early 2014.

The BBA says it will work constructively with the new administrator to ensure a smooth transition and that it has already worked hard to implement the findings of the Wheatley Review that was set up after wrongdoing was found. BBA chief executive Anthony Browne says: “Restoring confidence in Libor has been an absolute priority for the BBA. We have been working hard with regulatory authorities and the government to put in place much-needed reforms to the system. The new administrator will take over a benchmark with better regulatory oversight and improved governance.”

Finbarr Hutcheson, CEO of the London derivatives exchange NYSE Liffe, adds: “We look forward to working with BBA Libor in completing the smooth transition to NYSE Euronext Rate Administration and continuing the process of restoring credibility, trust and integrity in Libor as a key global benchmark.”

Thomson Reuters, which supported the BBA in calculating Libor after the discovery of wrong-doing, states: “Thomson Reuters has worked closely with the BBA, FCA and HM Treasury throughout the process of reforming Libor and welcomes the appointment of the new administrator. We will continue to support the calculation and distribution of Libor during the transition period.”

Related content

WEBINAR

Upcoming Webinar: Managing LIBOR transition

Date: 20 April 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The clock is ticking on the decommissioning of LIBOR towards the end of this year, leaving financial institutions with little time to identify where LIBOR is embedded in their processes, assess alternative benchmarks and reference rates, and ensure a...

BLOG

The Future of Transatlantic Regulatory Cooperation: Antony Phillipson

As the RegTech Summit Virtual 2020 fast approaches, we are so pleased to welcome Antony Phillipson, Her Majesty’s Trade Commissioner for North America and Consul General in New York on Day Three (November 18) for a special Keynote speech and Q&A to discuss a possible Brexit UK-US FTA and outline the future of transatlantic regulatory...

EVENT

Data Management Summit New York City

Now in its 10th year, the Data Management Summit (DMS) in NYC explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...