The BBA appears in derivatives articles as the administrator of LIBOR. It set the LIBOR definition from 1998, its subsidiary BBA LIBOR Ltd ran the benchmark day to day, and Thomson Reuters collected and published the submissions of the panel banks1.

After the LIBOR manipulation case in 2012, the HM Treasury review (the Wheatley Review) recommended that the BBA transfer responsibility for LIBOR to a new administrator. Many respondents to the review's consultation said the BBA's position as the lobby organization for the submitting banks that it nominally oversaw created a conflict of interest2. ICE Benchmark Administration, selected through a tender, took over the role of administrator on February 3, 20143.

In interest rate swaps, ISDA and the BBA each published standardized dealing terms and documentation in mid-19854.

Notes

  1. FSA, "Final Notice" (Barclays, June 27, 2012), paragraphs 30 and 31 (pages 5–6). The BBA definition dates from 1998. HM Treasury, "The Wheatley Review of LIBOR: final report" (September 2012), C.24 (PDF page 86). ↩

  2. HM Treasury, "The Wheatley Review of LIBOR: final report" (September 2012; checked on October 13, 2026), recommendation 2 (Box 1.B, PDF page 12) and paragraph 3.2 (PDF page 25). ↩

  3. HM Treasury, "First day of business for new LIBOR administrator" (February 3, 2014; checked on October 13, 2026). It states that the BBA had administered LIBOR and that ICE Benchmark Administration Ltd took over. ↩

  4. Bank of England Quarterly Bulletin, February 1987, "Recent developments in the swap market" (checked on October 13, 2026), PDF page 3. "in mid-1985 both the International Swap Dealers Association (ISDA) and the British Bankers' Association brought out standardised dealing terms and documentation for interest rate swaps." ↩