Timothy Bowler is used to high-profile jobs that come under the glare of public scrutiny. Even after overseeing the unwind of the US federal government’s post-financial-crisis bailout programme and advising on Puerto Rico’s fiscal woes, however, the new president of ICE Benchmark Administration could be forgiven for flinching at first sight of his latest $350tn problem.

Bowler is in charge of Libor, the beleaguered benchmark run by a unit of Intercontinental Exchange, the $42bn exchange group founded by chief executive Jeffrey Sprecher.