NYSE to Buy Scandal-Plagued Libor

But UK will still regulate it
By Kevin Spak,  Newser Staff
Posted Jul 9, 2013 8:35 AM CDT
NYSE to Buy Scandal-Plagued Libor
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)

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. (Read more Libor stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.