The company behind the New York Stock Exchange will take over running and restoring confidence in the scandal-hit London interbank offered rate, or LIBOR, a U.K. committee has ruled.
The independent panel, set up by the United Kingdom government following revelations last year that the rate had been manipulated, chose NYSE Euronext to take over LIBOR from the British Bankers' Association, which had supervised the rate-setting for decades.
The changeover is scheduled to be completed by early 2014, the panel said in a statement. It did not identify any other bidders.
"This change will play a vital role in restoring the international credibility of LIBOR," the panel's chair, Baroness Sarah Hogg, said in a statement.
LIBOR underpins trillions of dollars of transactions all over the world. It is an average rate that measures how much banks expect to pay each other for loans and is also used in calculating borrowing costs of hundreds of trillions of dollars in loans and investments such as bonds, auto loans and derivatives.
But the setting of LIBOR was underpinned on trust. The scandal emerged when authorities realized banks -- including Royal Bank of Scotland, Barclays and UBS -- were submitting false data to gain market advantages.
U.S. and U.K. regulators fined RBS more than $460 million for rate rigging. Barclays' role led to a $453-million fine and the resignation of chief executive Bob Diamond. Swiss bank UBS was fined $1.5 billion.
After the scandal erupted, the U.K. government moved to restore confidence in LIBOR's integrity, establishing the panel to review the rate and creating criminal penalties for those who violate the rules.