Scandal-plagued Libor moves to NYSE as part of reforms

The scandal-plagued Libor interbank rate formally broke with its past yesterday as NYSE Euronext, the transatlantic exchanges operator, won the right to take over and reform the global benchmark, which serves as the reference point for more than $350tn in contracts worldwide. libor

The new administrators will be charged with restoring confidence in the interbank lending rate amid a global probe that has seen three banks pay nearly $2.6bn in fines for rigging the rate in order to make money on derivatives.

The scandal has drawn nearly a dozen other banks and interdealer brokers and has tarnished the reputation of the City of London.more

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