Britain will hand over administration of the London interbank offered rate (Libor) to the operator of the New York Stock Exchange as regulators try to revive confidence in the scandal-hit benchmark.
NYSE Euronext will replace the British Bankers' Association (BBA) as Libor's administrator in early 2014, the London-based lobby group that started the benchmark more than two decades ago said in a statement Wednesday.
The U.K.'s Financial Conduct Authority (FCA) began regulating Libor, the benchmark for more than $300 trillion of securities, in April as part of the overhaul.
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