Tuesday, Jul 09, 2013

"NYSE Euronext Said to Take On Libor Oversight From U.K. BBA"

Bloomberg: NYSE Euronext Said to Take On Libor Oversight From U.K. BBA

"NYSE Euronext (NYX) will take over administration of the scandal-plagued London interbank offered rate from the British Bankers’ Association, according to a person familiar with the plan.
The move will be announced later today by the U.K. Treasury, said the person, who declined to be identified because the talks are private. The Financial Conduct Authority began regulating Libor in April under rules meant to restore credibility to the benchmark."

Posted by doomwatch @ 12:50 PM (1461 views)
Add Comment
Report Article

3 Comments

1. libertas said...

Gosh, that is ripping the heart out of London. Could go some way to explain part of the fall in Sterling, if the world is losing faith in London as a protector of capital, it shall flee.

Wednesday, July 10, 2013 07:59PM Report Comment
 

2. libertas said...

Funny how they moved the regulator to NYSE, a cess pit of corruption. Maybe, they moved it there because New York is better at hiding corruption? Keeping it away from EU regulators?

Wednesday, July 10, 2013 08:08PM Report Comment
 

3. Paul said...

The UK controls Libor through laws made in the UK Parliament. The Financial Services Act 2012 brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting. The only thing that will change is who does the task of calculation and administration of the rate, previously it was Thomson Reuters and the BBA, now it will be NYSE Euronext, based in London through a new subsidiary regulated by the UK's Financial Conduct Authority. The real story here is the other significant reforms undertaken to restore the credibility of Libor.

Wednesday, July 24, 2013 10:54PM Report Comment
 

Add comment

  • If you do not have an admin password leave the password field blank.
  • If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines
Username  
Admin Password
Email Address
Comments

Main Blog | Archive | Add Article | Blog Policies