Arab Today, arab today uk hands libor supervision to nyse euronext
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

UK hands Libor supervision to NYSE Euronext

Arab Today, arab today

Arab Today, arab today UK hands Libor supervision to NYSE Euronext

London - AFP

Britain acted on Tuesday to switch management of the prized Libor exchange rate and restore confidence in the benchmark after revelations of market rigging besmirched the reputation of the City of London financial centre. The British Treasury said that the Libor rate, which plays a pivotal role in many areas of international finance, would be supervised by stock exchange operator NYSE Euronext. Supervision would still be based in London, but the switch was intended to restore the \"credibility\" of the global benchmark, the Treasury said Tuesday. The decision came after the British Bankers\' Association was forced to give up its role following the Libor scandal. The announcement followed a tendering process launched in February to find a new administrator for the London Interbank Offered Rate (Libor) via an independent committee. Committee chair Baroness Hogg said: \"This change will play a vital role in restoring the international credibility of Libor.\" Britain\'s banking sector was last year rocked by revelations that Barclays tried to manipulate the rate, which is used as a benchmark for global financial contracts worth about $300 trillion. Libor is calculated daily, using estimates from banks of their own interbank rates. However, the system has been found to be open to abuse, with some traders lying about borrowing costs to boost trading positions or make their bank seem more secure. In the wake of the scandal, Britain\'s government launched the Wheatley Review, which called in September for the BBA to lose its key role. \"The appointment of a proposed new administrator is a major step forward in the reform of Libor,\" the Treasury said on Tuesday. Finbarr Hutcheson, chief executive officer of NYSE Liffe, welcomed the decision. \"We look forward to working with BBA Libor Ltd in completing the smooth transition to NYSE Euronext Rate Administration Limited, and continuing the process of restoring credibility, trust and integrity in Libor as a key global benchmark.\" The Financial Times newspaper, citing unnamed sources, reported that NYSE Euronext had beaten various groups to the Libor role, including Bloomberg, the London Stock Exchange and research group Markit. The Libor scandal erupted when Barclays was fined £290 million ($470 million, 363 million euros) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009. Royal Bank of Scotland and Swiss lender UBS have since also received heavy fines over alleged rigging of Libor. Euribor is the eurozone equivalent. \"The government is committed to developing a safer and strong banking sector,\" Britain\'s Financial Secretary to the Treasury, Greg Clark, said on Tuesday. \"We want a financial sector that serves the interests of business and helps to drive economic growth. \"That is why since the Libor scandal last summer we have worked hard to reform this major international benchmark.\"  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk hands libor supervision to nyse euronext Arab Today, arab today uk hands libor supervision to nyse euronext

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk hands libor supervision to nyse euronext Arab Today, arab today uk hands libor supervision to nyse euronext

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday