LIBOR — a quick update

In May 2013, Gateley published a blog on some of the key issues around LIBOR. It touched on the Wheatley Review’s long-awaited recommendations and how the Financial Services Act 2012 (FSA) had been brought into force on 1 April 2013 to implement some of those recommendations. In particular, the FSA made it a criminal offence to manipulate LIBOR. Providing information and administering LIBOR became regulated activities, and the British Bankers Association (BBA) became regulated by the Financial Conduct Authority. One year on from the FSA, what’s changed?

On 9 July 2013, it was announced that NYSE Euronext Rate Administration would take over the administration of LIBOR from BBA LIBOR. Shortly after this announcement, it was confirmed that Intercontinental Exchange Group had acquired NYSE Euronext and that NYSE Euronext Rate Administration would be renamed ICE Benchmark Administration (IBA).

On the back of this acquisition, Andre Villeneuve was appointed as chairman of the IBA, tasked with implementing a robust governance framework to restore the integrity of LIBOR. The IBA officially took over from BBA LIBOR on 1 February 2014…

Click on the link below to read the rest of the Gateley briefing.

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