NYSE Euronext Opens New Front in London With Libor Oversight

NYSE Euronext, whose Liffe exchange is the biggest market for short-term interest rate derivatives, is vowing to restore confidence in the London benchmark at the heart of the financial world’s biggest scandal.

The New York Stock Exchange operator said yesterday it will replace the British Bankers’ Association in administering the London interbank offered rate following a rigging investigation that has generated $2.5 billion in fines. More than $300 trillion in securities are tied to Libor, which has been regulated by the U.K. Financial Conduct Authority since April as part of an overhaul.