Editing Libor (section)

=== Reforms ===
The administration of Libor itself became a regulated activity overseen by the UK's [[Financial Conduct Authority]].<ref name=regactivity>{{cite press release|url=http://www.bbalibor.com/news/libor-becomes-a-regulated-activity|title=LIBOR becomes a regulated activity|date=2 April 2013|access-date=25 July 2013|publisher=The British Bankers' Association|url-status=live|archive-url=https://web.archive.org/web/20130622081925/http://www.bbalibor.com/news/libor-becomes-a-regulated-activity|archive-date=22 June 2013|df=dmy-all}}</ref> Furthermore, knowingly or deliberately making false or misleading statements in relation to benchmark-setting was made a criminal offence in UK law under the [[Financial Services Act 2012]].<ref name="reforms" /><ref name="UK Policy" /><ref name="FSBillPR" />

The Danish, Swedish, Canadian, Australian, and New Zealand Libor rates were terminated.<ref name="reforms" /><ref name="regactivity" />

From the end of July 2013, only five currencies and seven maturities were quoted every day (35 rates), reduced from 150 different Libor rates – 15 maturities for each of ten currencies, making it more likely that the rates submitted were underpinned by real trades.<ref name="reforms" /><ref name="regactivity" />

From the beginning of July 2013, each individual submission that came in from the banks was embargoed for three months to reduce the motivation to submit a false rate to portray a flattering picture of creditworthiness.<ref name="reforms" /><ref>{{cite press release|url=http://www.bbalibor.com/news/announcement-of-libor-changes|title=Announcement of LIBOR changes|date=12 June 2013|access-date=25 July 2013|publisher=The British Bankers' Association|url-status=live|archive-url=https://web.archive.org/web/20130623051004/http://www.bbalibor.com/news/announcement-of-libor-changes|archive-date=23 June 2013|df=dmy-all}}</ref>

A new code of conduct, introduced by a new interim oversight committee, built on this by outlining the systems and controls firms had to have in place around Libor. For example, each bank had to have a named person responsible for Libor, accountable if there is any wrongdoing. The banks had to keep records so that they could be audited by the regulators if necessary.<ref name="reforms" /><ref>{{cite press release|url=http://www.bbalibor.com/news/code-of-conduct-for-contributing-banks-becomes-industry-guidance-and-whistl|title=Code of Conduct for Contributing Banks becomes Industry Guidance and Whistleblowing policy issued|date=15 July 2013|access-date=25 July 2013|publisher=The British Bankers' Association|url-status=live|archive-url=https://web.archive.org/web/20130813000507/http://www.bbalibor.com/news/code-of-conduct-for-contributing-banks-becomes-industry-guidance-and-whistl|archive-date=13 August 2013|df=dmy-all}}</ref><ref>{{cite press release|url=http://www.bbalibor.com/news/bba-libor-limited-has-established-the-interim-libor-oversight-committee-ilo|title=BBA Libor Limited has established the Interim LIBOR Oversight Committee (ILOC)|date=5 July 2013|access-date=25 July 2013|publisher=The British Bankers' Association|url-status=live|archive-url=https://web.archive.org/web/20130715232415/http://www.bbalibor.com/news/bba-libor-limited-has-established-the-interim-libor-oversight-committee-ilo|archive-date=15 July 2013|df=dmy-all}}</ref>

In early 2014, [[NYSE Euronext]] took over the administration of Libor from the [[British Bankers Association]].<ref>{{cite press release|url=https://www.nyse.com/press/1373365567815.html |title=NYSE EURONEXT SUBSIDIARY TO BECOME NEW ADMINISTRATOR OF LIBOR |publisher=NYSE Euronext |date=9 July 2013 |access-date=21 July 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130718141355/http://www.nyse.com/press/1373365567815.html |archive-date=18 July 2013 }}</ref> The new administrator was NYSE Euronext Rates Administration Limited,<ref>{{cite press release|url=http://www.bba.org.uk/media/article/bba-to-hand-over-administration-of-libor-to-nyse-euronext-rate-administrati|title=BBA to hand over administration of LIBOR to NYSE Euronext Rate Administration Limited|publisher=The British Bankers' Association|date=9 July 2013|access-date=20 July 2013|url-status=dead|archive-url=https://web.archive.org/web/20130713075451/http://www.bba.org.uk/media/article/bba-to-hand-over-administration-of-libor-to-nyse-euronext-rate-administrati|archive-date=13 July 2013|df=dmy-all}}</ref> a London-based, UK registered company, regulated by the UK's [[Financial Conduct Authority]].<ref name="reforms" />

On 13 November 2013, the Intercontinental Exchange (ICE) Group announced the successful completion of its acquisition of NYSE Euronext. As a result of this acquisition, NYSE Euronext Rate Administration Limited was renamed ICE Benchmark Administration Limited. The appointment of a new administrator was a major step forward in the reform of LIBOR.<ref name="ICE Benchmark Administration Ltd take responsibility for administrating LIBOR.">[https://www.gov.uk/government/news/first-day-of-business-for-new-libor-administrator ICE Benchmark Administration Ltd take responsibility for administrating LIBOR] {{webarchive|url=https://web.archive.org/web/20140325230816/https://www.gov.uk/government/news/first-day-of-business-for-new-libor-administrator |date=25 March 2014 }},</ref>

The scandal also led to the [[European Commission]] proposal of EU-wide benchmark regulation.<ref>{{cite press release |title=New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals |date=18 September 2013 |publisher=European Commission |url=http://europa.eu/rapid/press-release_IP-13-841_en.htm?locale=en |access-date=18 December 2013 |url-status=live |archive-url=https://web.archive.org/web/20131219031456/http://europa.eu/rapid/press-release_IP-13-841_en.htm?locale=en |archive-date=19 December 2013 |df=dmy-all}}</ref>

Following its cessation, industry publication ''[[Financial News]]'' noted there were "an army of bankers, lawyers and traders" devoted to working on the transition that would need to change their focus given the switch to a new benchmark, even as there would be other jurisdictions and currencies moving off other inter-bank lending rates in years ahead.<ref>{{Cite web |last=Chan |first=Jeremy |title=Libor is dead. Now hundreds of experts must reinvent themselves |url=https://www.fnlondon.com/articles/libor-is-dead-now-100s-of-experts-must-reinvent-themselves-20230710 |access-date=2023-07-11 |website=www.fnlondon.com |language=en-GB}}</ref>