SEC Chair Frets About 'Clothesless' Libor Alternative

By Jon Hill (September 20, 2021, 9:53 PM EDT) -- The chair of the U.S. Securities and Exchange Commission on Monday put in a plug for his preferred alternative to the soon-to-be-retired London Interbank Offered Rate, saying the option that some lenders prefer could amount to swapping "one clothesless emperor with another."

Speaking at a virtual symposium, SEC Chair Gary Gensler offered his support for the Secured Overnight Financing Rate while standing by concerns he's raised about commercial lenders' interest in another Libor alternative known as the Bloomberg Short Term Bank Yield Index, or BSBY, which he said suffers from "many of the same flaws as Libor."

"I'd hate it if we replaced...

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