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:
- 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
- We are a leading international law firm with fully integrated teams working through offices in Europe, the Middle East and Asia, and bring experienced professionals to some of the most active growth markets today. Our focus on a small number of sectors means we are able to understand and respond to our clients’ needs. Our industry sectors are: Asset Management & Investment Funds, Energy & Infrastructure, Financial Institutions, Life Sciences and Telecoms, Media & Technology (TMT). We have a track record for innovation and delivering value to clients through new ways of working.
- Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. The word “partner” refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP’s affiliated practices. For further information on the international entities and practices, refer to simmons-simmons.com/legalresp
- Visit our website at simmons-simmons.com or our award-winning online legal service at elexica.com.
- For further information, please contact Daniela Conte, Senior Communications & PR Manager on +44 20 7825 4411 or +44 7726 775 707 or at email@example.com or Jodi Young, Head of Bids & Communications on +44 20 7825 3134 or at firstname.lastname@example.org