ICE to take over Libor

|By:, SA News Editor

Effective February 1, IntercontinentalExchange (ICE) will take over as the new administrator for the tainted interbank borrowing rate from the British Bankers' Association.

"IBA (ICE Benchmark Administration) has built a robust oversight and governance framework that includes an independent board with a majority of Independent Non-Executive Directors," says the company.

ICE names Andre Villeneuve as Chairman of IBA. He was previously Chairman of the City of Londons International Regulatory Strategy Group.