NYSE Euronext has been described as being in the "best shape" to oversee the scandal-ridden London interbank offered rate, after it was named today as the new administrator of the key benchmark from early 2014.

The transatlantic exchange group was chosen by an independent committee, set up by HM Treasury and chaired by Baroness Hogg, to take over the Libor rate from the British Bankers' Association from early 2014, it said in a statement today.