CFTC Chief Gensler Renews Call To Scrap Libor

Law360, New York (April 22, 2013, 6:33 PM EDT) -- U.S. Commodity Futures Trading Commission Chairman Gary Gensler on Monday repeated his call for the elimination of the scandal-plagued London Interbank Offered Rate, claiming it and other key benchmark interest rates threaten the stability of the global financial system.

In remarks made at City Week, an international financial services forum in London, Gensler reiterated his position that benchmark rates must be set using real, observable transactions — a position adopted by the International Organization of Securities Commissions last week.

"I believe that Libor, Euribor and other...
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