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What is NYSE Euronext Takes Over Libor Administration about?

NYSE Euronext has won the contract to administer Libor, replacing the British Bankers Association who previously set the rate. Libor is used as a benchmark for trillions in financial transactions worldwide. The move aims to restore credibility after scandals showed banks manipulated the rate for profit. However, some analysts say appointing the US-based NYSE Euronext, which has a history of aggressive derivatives trades, may not inspire full market confidence. The UK government ordered an overhaul of Libor

Author

Rajat Kaushik

Language

EN