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Remarks before the Financial Stability Oversight Council: LIBOR

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: financial stability

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: LIBOR

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that some LIBOR substitutes share its flaws.

Problems raised
  1. LIBOR had deep flaws.
  2. Some alternatives rely on thin markets.
  3. Thin rates are open to collapse and manipulation.
Solutions proposed
  1. Complete the move away from LIBOR.
  2. Avoid replacements with the same weaknesses.
  3. Favour rates backed by deep transactions.
Read full speech on sec.gov ↗

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