Libor faces relocation to Paris

Jun 05, 2013, 3:02 PM EDT
Head offices of the European Securities and Markets Authority in Paris seen in this undated handout photo.
Courtesy ESMA

Brussels is trying to relocate the scandal-ridden London Interbank Offered Rate (Libor) to Paris, according to the Financial Times. It says the European Commission is proposing to put it and hundreds of other pricing benchmarks for an array of markets from oil to gold under the oversight of the European Securities and Markets Authority based in the French capital. The FT says the draft regulation, a copy of which it has seen and which specifies Libor would be directly supervised by the authority, is due to be published later this summer.

YOU MIGHT ALSO LIKE