April 22, 2013
By TomBrooke Masters and Philip Stafford in London
Libor borrowing rates must be replaced soon as possible as it was “unsustainable” to continue to use them, the top US regulator overseeing a global effort to reform the benchmarks for global financial markets has urged.
Gary Gensler, head of the Commodity Futures Trading Commission, told the Financial Times that Libor replacements were needed “to restore market integrity and promote financial stability”.
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Last Updated: December 27, 2013