CFTC Chairman Gensler Further Denounces LIBOR

CFTC Chairman Gary Gensler delivered remarks criticizing the London Interbank Offered Rate ("LIBOR") before the Global Financial Markets Association's Future of Global Benchmarks Conference. Chairman Gensler said, among other criticisms of LIBOR, that the very limited amount of unsecured lending between banks indicates that any measure of the rate at which such loans take place is not meaningful. Thus the question for Chairman Gensler becomes how the financial system will adopt to this shift in the market.

View remarks in full here (links externally to CFTC website).See also: CFTC Chairman Gensler Lashes Out at LIBOR at CFTC Roundtable (with Lofchie Comment).