This corrects the erroneous inclusion of Bloomberg as one of the companies that NYSE Euronext beat to gain control of Libor. Unlike some other entities, Bloomberg did not seek to control or manage Libor.
NYSE Euronext (NYSE:NYX), the trans-Atlantic company that runs the New York Stock Exchange, will take over control of the London Interbank Offered Rate, also known as Libor, in a bid to restore trust in one of the world's most important interest rates, the Financial Times reported Tuesday.
NYSE Euronext beat a London-led group seeking to reform the scandal-plagued interest rate. To date, three banks have paid more than $2.5 billion in fines as a result of alleged Libor rigging and improprieties.
Libor, which is the average interest rate estimated daily by top London banks that they would be charged if borrowing from other banks, is calculated in 10 currencies and is widely followed among international banks and financial institutions as a guide to their own rate-setting protocols.
NYSE Euronext beat rivals, including the London Stock Exchange and Markit.
Meanwhile, NYSE Euronext appears close to being taken over by U.S. derivatives group IntercontinentalExchange, which is awaiting final approvals from regulators for its $10 billion cash-and-shares offer for ICE.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...