Barclays, UBS and RBS have all been implicated in the Libor scandal
The owner of the New York Stock Exchange is set to take control of a key scandal-hit bank interest rate, the BBC has learnt.
NYSE Euronext has won the contract for setting the Libor interbank lending rate, sources confirmed to BBC News.
The Libor rate is used to set trillions of dollars of financial contracts.
The UK Treasury is expected to make an announcement shortly. It follows the revelation that banks had been manipulating the rate.
Barclays, UBS and RBS have all been fined for their roles in the scandal.
They were found to have colluded in fixing the Libor setting in order to boost the profits of traders in the run-up to the financial crisis.
The London Inter-bank Offered Rate (Libor) is currently set in London and is meant to reflect the average rate that banks pay to lend to each other.
It is used to benchmark everything from car loans and mortgages to complex financial transactions around the world.
At the moment, it is calculated by Thomson Reuters for the British Bankers' Association, based on estimates received from 16 major international banks in London of how much they must pay in order to borrow cash from other banks.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23240707#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
