{"id":38471,"date":"2014-02-03T10:16:56","date_gmt":"2014-02-03T10:16:56","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=53b3665e7394d3ecb1f5079036813834"},"modified":"2014-02-03T10:16:56","modified_gmt":"2014-02-03T10:16:56","slug":"news-story-first-day-of-business-for-new-libor-administrator","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=38471","title":{"rendered":"News story: First day of business for new LIBOR administrator"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Today (3 February 2014), ICE Benchmark Administration Ltd took responsibility for administrating the London Inter Bank Offered Rate (<abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr>).<\/p>\n<p>This is a key milestone in the process to restore the reputation of this crucial global benchmark which has been administered by the British Bankers Association (BBA) up until now.<\/p>\n<p>The transfer of the administration of <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> to ICE Benchmark Administration represents the implementation of one of the key recommendations of the <a href=\"https:\/\/www.gov.uk\/government\/publications\/the-wheatley-review\">Wheatley Review<\/a>, set up by the government following the allegations of <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> manipulation in July 2012.  The Wheatley Review recommended that the <a href=\"https:\/\/www.gov.uk\/government\/policy-advisory-groups\/hogg-tendering-committee-for-libor\">Hogg Tendering Advisory Committee for <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr><\/a> be mandated by HM Treasury and the Financial Conduct Authority (FCA) to oversee a selection process for a new administrator of <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> and make a recommendation to the BBA based on that process.<\/p>\n<div class=\"call-to-action\">\n<p><a href=\"https:\/\/www.gov.uk\/government\/policy-advisory-groups\/hogg-tendering-committee-for-libor\">More information on the Hogg Tendering Advisory Committee for <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr>.<\/a><\/p>\n<\/div>\n<p>On 9 July 2013, following a tender process, the <a href=\"https:\/\/www.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/211330\/Hogg_Tendering_Advisory_Committee.pdf\">Committee concluded<\/a> that NYSE Euronext Rate Administration Limited was best placed to achieve an orderly transition to an effective new regime for <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> and restore its international credibility.<\/p>\n<p>On 13 November 2013, the IntercontinentalExchange (ICE) Group announced the successful completion of its acquisition of NYSE Euronext. As a result of this acquisition, NYSE Euronext Rate Administration Limited was renamed ICE Benchmark Administration Limited. The appointment of a new administrator is a major step forward in the reform of <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr>.<\/p>\n<p>Financial Secretary to the Treasury, Sajid Javid said:<\/p>\n<blockquote>\n<p>The government has made it clear that it is determined to rebuild the reputation of UK financial services and today marks a significant step in the process.  Reforming <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> and rebuilding the reputation of this crucial global benchmark is crucial to restoring people\u2019s trust in financial services.<\/p>\n<p>I am pleased that a new administrator is now in place and that one of the key recommendations of the Wheatley Review has been implemented quickly and smoothly.<\/p>\n<p class=\"last-child\">We will now use the lessons we have learned in reforming <abbr title=\"London Inter Bank Offered Rate\">LIBOR<\/abbr> to inform and shape the important ongoing global debate on benchmark reform.<\/p>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ICE Benchmark Administration Ltd take responsibility for administrating LIBOR.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/38471"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38471"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/38471\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}