EU's benchmark rules risk stifling innovation – CFTC chairman
Protecting the integrity of existing benchmarks runs the risk of discouraging innovation
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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