NYSE Euronext to take over Libor

The transaction highlights the rise of companies such as NYSE Euronext into major players in the markets for financial derivatives

Tuesday 9 July 2013 at 17:28

The London interbank offered rate won't be controlled by London much longer.

Libor, the scandal-tarred benchmark that underpins interest rates on trillions of dollars in financial contracts, is being sold to NYSE Euronext, the US-based company that runs the New York Stock Exchange. The deal, designed to restore Libor's international credibility, was announced on Tuesday by a British government commission and the NYSE.