CFTC Chief Calls For Industry Cooperation On Libor Reform

Law360, New York (February 28, 2013, 1:35 PM EST) -- U.S. Commodity Futures Trading Commission Chairman Gary Gensler on Thursday urged industry participants to take an active role in designing an alternative to the scandal-plagued London Interbank Offered Rate rather than arguing for maintaining the status quo.

In a speech before the Securities Industry and Financial Markets Association, Gensler, who co-chairs an International Organization of Securities Commission panel on replacing Libor, said that the $2.5 billion in penalties that three banks have incurred over the rigging scandal showed that a new benchmark rate was necessary....
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