Advising on the transfer of the LIBOR administration business

03 Feb 2014

Simmons & Simmons advises the Hogg Tendering Advisory Committee on the transfer of the LIBOR administration business

The completion of the transfer of the London Interbank Offered Rate (LIBOR) administration business to Intercontinental Exchange Benchmark Administration Ltd (IBAL) took place on 1 February 2014, following FCA approval of IBAL as the new administrator.

This is the outcome of the competitive tender designed and implemented by the independent Hogg Tendering Advisory Committee. The Committee was chaired by the Baroness Hogg and consisted of senior market and banking figures, acting in a personal capacity. Its remit was to design and implement an open and competitive process to determine a new administrator to take over responsibility for the administration of LIBOR.

This was a key step in implementing one of the principal recommendations of the Wheatley Review of LIBOR, and which the UK Government accepted in full.

Simmons & Simmons has been working alongside the Committee’s Secretariat from HM Treasury and the Financial Conduct Authority to support the Committee on the transfer of the administration business.

The Simmons & Simmons team advising the Committee was led by Corporate partner, Charles Mayo, assisted by managing associate Rachel Lewis, supervising associate Sophie Lessar trainee solicitor Mandy Adogla and IP partner Michael Gavey.

Baroness Hogg said:

"Charles Mayo's forward thinking management of a difficult legal process was critical to the achievement of an effective tendering process. His excellent support to the Committee was hugely appreciated and he showed the greatest commitment to removing the difficulties in the way of a robust and timely conclusion."

- Ends -

Notes to editors:

  1. The members of the LIBOR Committee are:
    Baroness Hogg, Chairman of the Financial Reporting Council
    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
    John Stewart, Chairman, Legal & General Group Plc
    Colin Tyler, Chief Executive, Association of Corporate Treasurers
    Martin Wheatley, Chief Executive; Financial Conduct Authority
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