EU's benchmark rules risk stifling innovation – CFTC chairman

Massad warns of heavy-handed regulation from Europe


Timothy Massad, chairman of the Commodity Futures Trading Commission (CFTC), has warned that Europe's approach to policing benchmarks could undermine innovation in financial markets.

Protecting the integrity of benchmarks has been at the forefront of regulators' attention since widespread rigging of the world's primary benchmark for short-term interest rates, Libor, was uncovered in 2012.

Since then, manipulation of other benchmarks – such as the foreign exchange benchmark WM/Reuters – has also

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