Libor and Euribor should be replaced, CFTC's Gensler says

Gary Gensler, chairman of the Commodity Futures Trading Commission, says changes should be made to interest-rate benchmarks, including the London Interbank Offered Rate and the Euro Interbank Offered Rate, as well as benchmarks tied to oil, gold and other commodities. "I believe Libor and Euribor are unsustainable in the long run. They threaten financial stability," said Gensler, who co-chairs a regulatory group focused on such benchmarks. He says Libor and Euribor should be replaced by alternatives that are based on actual transactions.

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