London - 9 July 2013 –NYSE Euronext Rate Administration Limited, a subsidiary of NYSE Euronext (NYX), today announced that following a rigorous selection process conducted by the independent Hogg Tendering Advisory Committee, NYSE Euronext Rate Administration Limited has been appointed as the new administrator for LIBOR. The transfer of the administration from BBA LIBOR Ltd, the subsidiary of the British Bankers’ Association (BBA) is expected to be completed in early 2014, once the Financial Conduct Authority’s (FCA) authorisation of NYSE Euronext Rate Administration Limited is complete.
NYSE EURONEXT SUBSIDIARY TO BECOME NEW ADMINISTRATOR OF LIBOR
Following the recommendations of the Wheatley Review in September 2012, the Hogg Tendering Advisory Committee was mandated by both HM Treasury and the FCA to supervise the selection of a new LIBOR Administrator and to present its recommendations to the BBA. This process has now been concluded and NYSE Euronext Rate Administration Limited has been selected as the new administrator for LIBOR.
As part of a leading global exchange and market infrastructure group, NYSE Euronext Rate Administration Limited is uniquely placed to restore the international credibility of LIBOR. NYSE Euronext Rate Administration Limited will be able to leverage NYSE Euronext’s trusted brand, long regulatory experience and market-leading technical ability to return confidence to the administration of LIBOR.
Finbarr Hutcheson, CEO of NYSE Liffe said. “At the time of its publication, NYSE Euronext welcomed the findings of the Wheatley Review of LIBOR and today we are delighted to have been selected by the Hogg Tendering Advisory Committee to become the new administrator for LIBOR. We look forward to working with BBA LIBOR Ltd in completing the smooth transition to NYSE Euronext Rate Administration Limited, and continuing the process of restoring credibility, trust and integrity in LIBOR as a key global benchmark.”
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets - the New York Stock Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca - represent one-third of the world’s equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index. For more information, please visit: http://www.nyx.com.
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This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext's 2012 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.