NYSE Euronext picked to run Libor interest rates
LONDON, July 9 (Reuters) - NYSE Euronext, the operator of the New York Stock Exchange, has been chosen to run Libor, the benchmark interest rate that has been at the centre of a global rigging scandal.
The Hogg Tendering Advisory Committee, an independent panel set up in February to pick a new company to run Libor, said on Tuesday the British Bankers' Association, which currently runs the benchmark, had accepted its recommendation that NYSE Euronext take over.
The Committee said NYSE Euronext will set up a new subsidiary that will be subject to authorisation from Britain's Financial Conduct Authority. The handover is expected to be complete by early 2014.