NYSE Euronext to Take Over LIBOR Rate Calculation Next Year

The Hogg Tendering Advisory Committee, which has overseen the selection of a new administrator to calculate the LIBOR (London Interbank Offered Rate) benchmark lending rate following the scandal of banks conspiring to fix LIBOR rates, has appointed NYSE Euronext Rate Administration (NERA) to take over administration of LIBOR from the British Bankers' Association sometime early in 2014.

Officials say NERA -- a new company set up by exchange group NYSE Euronext earlier this year -- will be able to draw on its parent's "trusted brand, long regulatory experience and market-leading technical ability" to restore "credibility, trust and integrity in LIBOR as a key global benchmark."