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ICE Benchmark takes over as administrator of Libor beginning February
By Susanna Moon
Chicago, Jan. 17 - IntercontinentalExchange Group said that ICE Benchmark Administration will take over as the new administrator of the Libor beginning Feb. 1.
The Financial Conduct Authority confirmed authorization for ICE, the global network of exchanges and clearing houses, to administer Libor, according to a press release.
Andre Villeneuve will be the chairman of ICE Benchmark Administration. Before that, he was chairman of the city of London's International Regulatory Strategy Group.
Joanna Perkins will be the chairperson for the oversight committee of ICE Benchmark Administration, in addition to being the chief executive of the financial markets law committee. Perkins is the chief executive officer of the FMLC and a barrister.
The new surveillance methodology was designed to adjust to changing market conditions and it will use "sophisticated analytical tools to operate the benchmark price setting process with transparency," the release said.
"These measures will help IBA identify errors or potential misconduct, such as collusion."
ICE said that the Wheatley Review identified the need for a new independent administrator for Libor in September 2012.
After a "rigorous selection process" conducted by the Hogg Tendering Advisory Committee, IBA said it was recommended as the new administrator in July 2013.
Since then, IBA said it has been working closely with the British Bankers' Association, industry organizations and stakeholders to ensure no disruption to the calculation and publication of the rate to the marketplace.
In order to ensure a smooth transition, there will be no change to the calculation of Libor at this time, the company noted.
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