CSRs fight for survival after ‘damning’ Iosco verdict

Standard-setter accused of ignoring its own principles and failing to back up its conclusions

Providers and supporters of credit-sensitive rates (CSRs) have some bones to pick with the International Organization of Securities Commissions (Iosco).

On July 3, the global standard-setter for securities markets declared that the two most widely used CSRs in US lending markets – Bloomberg’s short-term bank yield index (BSBY) and the American Financial Exchange’s (AFX) Ameribor – fell short of its principles for financial benchmarks.

The finding dealt a severe blow to CSRs, which were once

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