The top US securities regulator has warned against linking derivatives contracts to Bloomberg’s short-term bank yield index (BSBY), one of a number of credit sensitive benchmarks vying to replace US dollar Libor.
Gary Gensler, chair of the Securities and Exchange Commission, singled out BSBY at a June 11 meeting of the Financial Stability Oversight Council (FSOC), where regulators urged derivatives users to adopt the secured overnight financing rate, or SOFR – the Federal Reserve’s preferred
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