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NYSE Euronext to take over Libor

The transaction highlights the rise of companies such as NYSE Euronext into major players in the markets for financial derivatives

The London interbank offered rate won't be controlled by London much longer.

Libor, the scandal-tarred benchmark that underpins interest rates on trillions of dollars in financial contracts, is being sold to NYSE Euronext, the US-based company that runs the New York Stock Exchange. The deal, designed to restore Libor's international credibility, was announced on Tuesday by a British government commission and the NYSE.

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