LIBOR gets a new shepherd
The image of Queen Elizabeth II on a 20 sterling note is seen between euro banknotes in London.
The contract to run the London Interbank Offered Rate or LIBOR -- one of the key benchmarks in the global financial system -- has been awarded to NYSE Euronext. LIBOR sets the rate banks use to borrow from each other and guides all sorts of interest rates from mortgages to credit cards. It's also the same measure that was at the center of a market manipulation scandal last year.
Marketplace's Stephen Beard joins Morning Report host David Brancaccio from London to discuss.