Drawing a Line under Libor

Following the 10^th July announcement that Libor will be administered by NYSE Euronext from early 2014, yesterday BBA Libor Ltd published an interim code of conduct and whistleblowing policy. Effectively implementing the Wheatley review in full, the announcement is the final chapter in the Libor saga. Aside from the lurid tabloid headlines, the handover may be viewed within the wider context of regulatory reform. In the transition from an unregulated OTC market to a highly regulated, centrally-monitored and commoditised market, it was inevitable that the reference rate-setting process would be subject to formal review and consequent reform.