THE official responsible for controlling the Libor rate has left the British Bankers’ Association (BBA), it emerged yesterday.
John Ewan has been at the trade body for seven years but ceased his involvement with the organisation this week. He has left to join data firm Thomson Reuters, which has a role in collating the data that sets the Libor rate.
According to his LinkedIn profile Ewan was hired in 2005 to “put BBA Libor on a secure commercial footing and improve the calculation and distribution methodology”.
“John Ewan is no longer at the BBA. He left to pursue a new opportunity to further his career,” a spokesman said yesterday.
City A.M. understands that he took the decision to quit the organisation in the spring, before Barclays was issued with a record-breaking £290m in fines for abuse of the benchmark interest rate.
Meanwhile French bank Societe Generale yesterday confirmed that it has been contacted as part of a broad probe into abuse of the Euribor rate – the European equivalent of Libor.
Traders at HSBC, Deutsche Bank and Credit Agricole are also thought to be under scrutiny following evidence that links them to former Barclays euroswaps trader Philippe Moryoussef.