libor

Libor deal commences rehabilitation of benchmark

It looks like a New York takeover but efforts to reform the scandal-tainted Libor rate-setting process are to remain closer to home.

At face value it appears a UK government decision to hand over responsibility to NYSE Euronext is an acceptance that it could no longer monitor a benchmark that has become a key part in London’s status as a centre for global trade.

The transatlantic exchanges operator, already predominantly a US company, is set for a change of control in coming months with the finalisation of a $10bn cash-and-shares takeover by IntercontinentalExchange, the US derivatives exchanges group.

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