Chairman Gensler Remarks before the U.S. Chamber of Commerce Seventh Annual Capital Markets Summit

CFTC Chairman Gary Gensler delivered remarks before the U.S. Chamber of Commerce Seventh Annual Capital Markets Summit regarding the need to move on from the continued use of LIBOR, Euribor and similar benchmark interest rates. Chairman Gensler said the shift away from banks funding each other in the unsecured market (without posting collateral) has led to a scarcity or outright absence of actual transactions underpinning LIBOR and other benchmark rates. As a result of having benchmark rates not anchored in actual transactions, he said that market integrity has been undermined and the financial system has been prone to misconduct.

View remarks in full here (links externally to CFTC website).