Libor could move from London. The European Commission would like to assign responsibility for calculating the main interbank rate to the European Securities and Markets Authority, a European authority based in Paris. This was reported by the Financial, Times citing a regulatory draft of the community executive which should be made official by June.
The proposal comes after the scandal that exploded in recent months around the manipulations carried out by various banks, mainly English, on the data on the basis of which the Libor is calculated.
Currently the index is calculated by the European Bankers Association. According to the British newspaper, the EU proposal will trigger protests by the British Finance Minister, George Osborne.
