LIBOR gone to ICE
The British Bankers’ Association (BBA) will transfer the administration of LIBOR to a new administrator on 1st February 2014.
ICE Benchmark Administration (IBA), part of the IntercontinentalExchange Group which runs a global network of exchanges and clearing houses, will officially take over from 1st February 2014.
The move is in line with the recommendations of the Wheatley Review and according to IBA, new surveillance methodology has been designed, employing sophisticated analytical tools, to operate the benchmark price setting process.
Apparently, these measures will help IBA identify errors or potential misconduct, such as collusion.