Libor to stay under London’s control

By Staff | September 11, 2013 | Last updated on September 11, 2013
1 min read

Control of the Libor benchmark won’t move from London to Paris, according to a draft EU law, the Financial Times reports.

Read: Ex-UBS bosses deny Libor knowledge

It adds supervision of benchmarks, including Libor, was meant to go to the European Securities and Markets Authority in Paris, a European Commission document showed. Instead the commission will promote a college of supervisors made up of representatives from across the EU.

Read: Get rid of Libor, say U.S. regulators

The draft law also no longer states a benchmark administrator or contributor should be liable for losses if they break the law.

Read: More LIBOR settlements on the way

The final plans will be published Sept. 18.

Read more here. staff


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