NYSE Euronext to Take Over Libor

NYSE Euronext to Take Over Libor

The London interbank offered rate is moving across the Atlantic.

Libor, the scandal-tarred benchmark owned by a British banking organization, is being sold to NYSE Euronext, NYX +1.00%the U.S. company that runs the New York Stock Exchange. The deal is the British government’s latest attempt to salvage Libor’s integrity, after multiple banks acknowledged trying to profit by rigging the rate.

While Libor underpins trillions of dollars in financial contracts and generates about £2 million a year in revenue, a person familiar with the deal said the benchmark rate was sold to NYSE for a token £1—a sign of the heavy toll inflicted by the rate-rigging scandal.

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