NYSE to Buy Scandal-Plagued Libor
But UK will still regulate it
By Kevin Spak, Newser User
Posted Jul 9, 2013 8:35 AM CDT
Buckshot the bull is corralled in front of the New York Stock Exchange, Thursday Jan. 8, 2009, in conjunction with opening bell ceremonies to be rung by the Professional Bull Riders, Inc.   (AP Photo/Richard Drew)

(Newser) – Hey buddy, wanna buy a disgraced financial metric? Because the New York Stock Exchange does. It's struck a deal to buy Libor, the benchmark for global short-term interest rates that became synonymous in recent years with complex stories about financial skullduggery thanks to a scandal in which the world's top banks manipulated the rate for their own profit, sources tell the Wall Street Journal. The terms of the sale weren't disclosed.

And yes, this means that the "London interbank offered rate," a longstanding symbol of that city's economic ascendency, will be owned by a New York company. But the plan calls for NYSE Euronext to set up an independent UK subsidiary to run Libor, which will still be regulated by the UK's Financial Conduct Authority.

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Showing 3 of 4 comments
joshuamichael1
Jul 9, 2013 6:26 PM CDT
my buddy's mom makes $74/hr on the internet. She has been laid off for 5 months but last month her income was $13218 just working on the internet for a few hours. Go to this web site and read more www.Buzz55.com
Gsancheezy
Jul 9, 2013 1:28 PM CDT
What I'm most concerned with is the effect of concentrated global wealth- separate from the political and financial needs of developing nations where most of the extra 3 billion people are coming from.
Go2guy
Jul 9, 2013 12:04 PM CDT
So, the millions of mortgages in the USA that are adjustable arms governed by the Libor rate will now be manipulated by the NYSE pirates who helped create the last financial meltdown, NICE! I have been paying my mortgage, still stuck because the majority of the market in my state went upside down, but finally having it adjust downward based on the current Libor rate. Now, something to look forward to, they will adjust this rate up, up, up until they and their cronies will be again destroying the real estate markets here and wreaking havoc on middle Americans stuck in these mortgages. Boy, when it rains it pours, where can ordinary folks catch a break, any kind of break any more?