US commodities futures trading commission chairman says continued use of benchmarks pose a threat to financial stability
Gary Gensler is not a happy bunny claiming that the benchmarks are unsustainable in the long term and pose a threat to financial stability
He says new benchmarks based on market transactions should be set up and a fixed date set for scrapping bank quoted Libor and Euribor rates.
Several major banks were fined last year when it came to light that the rates had been manipulated.
