John Ewan, the director in charge of managing Libor at the British Bankers’ Association, has left to join Thomson Reuters Corp., the U.K. trade group said today.
Ewan joined Thomson Reuters, which assists in setting the BBA Libor rate, as head of business development for the company’s benchmark operations.
“John Ewan is no longer at the BBA,” Brian Mairs, a BBA spokesman, said in a telephone interview today. “He left to pursue a new opportunity to further his career.” Ewan joined the BBA in 2005, according to his profile on networking website LinkedIn.
The U.K. has come under fire for failing to address problems in setting Libor years before the record 290 million-pound ($456 million) fine against Barclays Plc for attempting to manipulate the benchmark last month. Timothy F. Geithner, then the New York Federal Reserve President, in June 2008 warned the Bank of England that the method used to set the London interbank offered rate was open to abuse.
Financial News reported the story earlier today.
Libor is derived from a survey of banks which are asked how much it would cost them to borrow from each other for 15 different periods, from overnight to one year, in currencies including dollars, euros, yen and Swiss francs. After a set number of quotes are excluded, those remaining are averaged and published for each currency by the BBA before noon.
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