Britain will hand over administration of the London interbank offered rate (Libor) to the operator of the New York Stock Exchange as regulators try to revive confidence in the scandal-hit benchmark.

NYSE Euronext will replace the British Bankers' Association (BBA) as Libor's administrator in early 2014, the London-based lobby group that started the benchmark more than two decades ago said in a statement Wednesday.

The U.K.'s Financial Conduct Authority (FCA) began regulating Libor, the benchmark for more than $300 trillion of securities, in April as part of the overhaul.