SEC’s Gensler takes aim at Bloomberg’s BSBY index

Credit sensitive SOFR alternative has “many of the same flaws as Libor”, regulator says


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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