Hogg Tendering Committee for LIBOR

The Hogg Tendering Advisory Committee for LIBOR (London Interbank Offered Rate) is an independent committee set up to recommend a new administrator for LIBOR. On 9 July 2013, the Hogg Tendering Advisory Committee announced that the British Bankers' Association (BBA) has accepted its recommendation that NYSE Euronext should be the new LIBOR administrator. LIBOR is an important benchmark which is used in a vast number of financial transactions, and as such it is vital for the stability and reputation of the UK financial services industry that it is properly administered.

Appointment of new LIBOR administrator

Press Notice: Hogg Tendering Advisory Committee announces that NYSE Euronext is to be the new LIBOR administrator

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On 9 July 2013 the Hogg Tendering Advisory Committee for LIBOR announced that the British Bankers’ Association (BBA) has accepted its recommendation that NYSE Euronext Rate Administration Limited should be the new LIBOR administrator.

NYSE Euronext Rate Administration Limited, a new subsidiary of NYSE Euronext, will, subject to authorisation from the Financial Conduct Authority (FCA) and following a period of transition, take over the administration of LIBOR from BBA LIBOR Ltd.

The BBA will now work with the new administrator to effect the orderly and timely transfer of the administration of LIBOR, which is expected to be complete by early 2014.

The Committee was mandated by HM Treasury and the FCA to oversee the selection process and make a recommendation to the BBA based on that process. The Committee agreed and published an Invitation to Tender (ITT) on 17 April 2013 and, after assessing the bid responses against the criteria in the ITT, concluded that NYSE Euronext Rate Administration Limited was best placed among them to achieve an orderly transition to an effective new regime for LIBOR and restore its international credibility. The BBA, which supported the appointment of the Committee and the tender process, has accepted the Committee’s recommendation and entered into an agreement with NYSE Euronext Rate Administration Limited. NYSE Euronext Rate Administration Limited is a UK based company, and will be regulated in the UK by the Financial Conduct Authority.

The appointment of a proposed new administrator is a major step forward in the reform of LIBOR. With the transfer of responsibility from the BBA LIBOR Ltd to the new administrator, one of the principal recommendations of the Wheatley Review, which was set up last year in the wake of the findings of LIBOR manipulation, will have been implemented.


The Hogg Tendering Advisory Committee for LIBOR formally opened the tendering process to recommend the appointment of a new LIBOR administrator on 26 February 2013.

The tendering process was led by the Committee, chaired by Baroness Hogg.


Baroness Hogg (Chair)

Sarah Hogg has been Chairman of the Financial Reporting Council, the regulator and standard-setter responsible for corporate governance and financial reporting as well as the audit, accounting and actuarial professions, since May 2010. She is Senior Independent Director of BG Group plc, Lead Independent Director of HM Treasury, a Director of the John Lewis Partnership. She is also Chairman of Frontier Economics Ltd, and a consultancy founded in 1999 to specialise in the provision of strategic competition advice and the economics of regulation. She is a Member of the Takeover Panel and a Senior Adviser to the Financial Services Authority. She is also a Trustee at The Queen Elizabeth Diamond Jubilee Trust.

With extensive experience of business, government and the media, Sarah has worked at a high level in all three. She was Chairman of 3i Group plc from 2002 to 2010. As Head of the Prime Minister’s Policy Unit, with the rank of Second Permanent Secretary, from 1990 to 1995, she was closely involved in the programmes of privatisation and private finance, performance measurement in public services and international economic issues. She was the then Prime Minister’s closest adviser on the Uruguay round of trade negotiations and the creation of the World Trade Organisation.

Before that Sarah Hogg was responsible for the economics coverage of a number of Britain’s most respected publications, including The Economist, The Times and the Daily Telegraph. She was also involved in the start-up of The Independent, with responsibility for hiring and managing its award-winning business team from 1986 to 1989.

Sarah Hogg was created a Life Peer in the 1995 New Year’s Honours List.

 Other members

  • Paul Fisher, Executive Director, Markets; Bank of England
  • George Handjinicolaou, Deputy CEO and Head of EMEA; International Swaps and Derivatives Association, Inc
  • John Kingman, Second Permanent Secretary; HM Treasury
  • Sir Adam Ridley, Former Director-General of the London Investment Banking Association (LIBA)
  • John Stewart, Chairman; Legal & General Group Plc
  • Colin Tyler, Chief Executive; Association of Corporate Treasurers
  • Martin Wheatley, Chief Executive, Financial Conduct Authority

The Committee is supported by a Secretariat provided by HM Treasury and the FCA. The BBA is also supporting the tendering process.

Terms of reference

Press notice: Government announces LIBOR administrator tendering committee

Press notice: LIBOR tendering process launched

Pre-tender questionnaire

Contact details