First day of business for new LIBOR administrator

Today (3 February 2014), ICE Benchmark Administration Ltd took responsibility for administrating the London Inter Bank Offered Rate (LIBOR).


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.

The transfer of the administration of LIBOR to ICE Benchmark Administration represents the implementation of one of the key recommendations of the Wheatley Review, set up by the government following the allegations of LIBOR manipulation in July 2012. The Wheatley Review recommended that the Hogg Tendering Advisory Committee for LIBOR be mandated by HM Treasury and the Financial Conduct Authority (FCA) to oversee a selection process for a new administrator of LIBOR and make a recommendation to the BBA based on that process.