NYSE Tapped to Administer Libor

NYSE Euronext (NYSE: NYX) has been awarded the contract to administer the London Interbank Offered Rate (LIBOR), which has been marred in controversy over rate fixing. It was previously managed by BBA LIBOR Ltd, a subsidiary of the British Bankers' Association.

The selection comes following a rigorous process conducted by the independent Hogg Tendering Advisory Committee. The NYSE beat out Bloomberg L.P. and the London Stock Exchange, among others.

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."

NYSE Euronext is in a pending deal to be acquired by IntercontinentalExchange, Inc. (NYSE: ICE).

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