LONDON - NYSE Euronext won a contract to administer and improve the embattled London interbank offered rate, or Libor, a person briefed on the decision said on Tuesday.
NYSE Euronext beat other contenders to take over Libor, including the financial news and data organization Bloomberg L.P. and the London Stock Exchange, said this person, who spoke on the condition of anonymity ahead of a public announcement.
The company was picked by an independent committee led by Sarah Hogg, chairwoman of the regulator responsible for financial reporting, after a tender process that started in February. The British Bankers’ Association was in charge of monitoring Libor until a far-reaching rate-rigging scandal that has cost large banks billions of dollars in fines.
