SEC’s Gensler questions BSBY’s Iosco compliance

Bloomberg’s credit-sensitive Libor alternative draws more criticism as Iosco vows tougher scrutiny

sec-building

The top US securities regulator has warned that Bloomberg’s Short-Term Bank Yield Index – one of several credit-sensitive benchmarks vying to replace Libor – may not meet global standards set out by the International Organization of Securities Commissions.

“I don’t believe that [BSBY] meets the Iosco 2013 standards,” Gary Gensler, chair of the Securities and Exchange Commission, said in a speech earlier today (September 20). “Simply speaking, it doesn’t feel compliant with the spirit or intent

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