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Could Libor Be Headed for A Spike?

NEW YORK CITY-CRE investors feel “a fear of the unknown,” says Savills US Dan Gorczycki over the potential impact of Libor's takeover by NYSE Euronext.

By Rayna Katz | Updated on July 09, 2013

NEW YORK CITY-Executives behind Libor have been trying for some time to clean house, and on Tuesday, NYSE Euronext was handed the broom. The scandal-plagued benchmark of interest rates on trillions of dollars in financial contracts is being purchased by NYSE Euronext, the U.S.-based firm that manages the New York Stock Exchange, according to the Wall Street Journal.

Based in London, Libor has been on the blocks since last year, when the British Bankers Association—which oversees the rate concern—decided that it was improper for a bank-lobbying organization to oversee a major benchmark. That move followed the revelation that some banks attempted to manipulate the rate for their own benefit, the Journal reports.

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