NEW YORK (MarketWatch) -- NYSE Euronext NYX will take control of the London interbank offered rate, according to news reports Tuesday. The key interest rate, which serves as a benchmark for trillions in securities, has been plagued by scandal in recent years after banks were said to have manipulated the rate to their advantage. Libor is currently overseen by the British Bankers' Association in London, but the lobbying group sought to hand control to another group as it works to restore confidence in the benchmark. The terms of the deal were not immediately known. An announcement is expected later Tuesday, The Wall Street Journal said, citing people familiar with the matter.