Brussels is proposing to put the scandal-ridden Libor lending rate under the watch of a European supervisor based in Paris as part over an overhaul of regulation of pricing benchmarks for an array of markets from oil to gold.
A draft of the European Commission regulation, seen by the Financial Times, seeks to call time on the era of self-regulation for hundreds of benchmarks and moves direct supervision of Libor from London to the European Securities and Markets Authority, based in France.
The move to strip London of oversight of Libor is likely to anger George Osborne, the UK chancellor, who has already overseen a wide-ranging review to restore faith in the flagship interest rate benchmark.
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