Highlights

Event Overview

The financial industry is committed to taking concrete steps to ensure structural changes be made to global financial benchmarks, to restore the trust and confidence so vital to the effective functioning of markets. This intensive industry-led discussion featured regulatory insights from Chairman Gensler – Co-Chair of IOSCO's Board Level Task Force on Financial Benchmarks, an overview of industry-recommended best practices, and a discussion of practical market implications.

Prepared Remarks

Presentations and Resources

News Coverage

GFMA on Twitter

#GFMA developed benchmark principles to initiate change; must be consistently applied. Principles: bit.ly/VPVS4n #LIBOR
— GFMA (@GFMAnews) February 28, 2013

#GFMA event opens: industry has responsibility, commercial interest to ensure benchmark integrity bit.ly/Up4roL #LIBOR
— GFMA (@GFMAnews) February 28, 2013

@cftc Chairman Gensler: moving on from #LIBOR challenging but change necessary bit.ly/Up4roL #GFMA #IOSCO
— SIFMA (@SIFMA) February 28, 2013

Q&A w/ @cftc Chair Gensler: discussion in London last week to keep scope of #IOSCO report broad (incl equity) #LIBOR #GFMA
— GFMA (@GFMAnews) February 28, 2013

Moving on from libor 'will not be easy' and might 'not be popular' but industry shouldn't let it be Too big To Replace, Gensler says
— Silla Brush (@sabrush) February 28, 2013

@cftc Chairman Gensler will say this morning reliance on Libor "particularly fragile" and shouldn't be seen as "too big to replace".
— Zachary (@Zachary) February 28, 2013

Wallin @alliancebernstn: good upfront benchmark governance lessens market disruption & long term costs over time #GFMA #LIBOR
— GFMA (@GFMAnews) February 28, 2013

In the wake of #LIBOR, Susan Krause Bell and Tony Murphy explain new industry best practices on financial benchmarksgfma.org/the-future-of-…
— Promontory Financial (@PromontoryFG) February 27, 2013

Susan Krause Bell and Tony Murphy speak 2/28 in NY at #GFMA financial benchmarks program. gfma.org/the-future-of-…#LIBOR @gfmanews
— Promontory Financial (@PromontoryFG) February 27, 2013

#Gensler: I agree w @ioscopress rpt: contracts w benchmarks more resilient ifincl. contingency plan, tied to observable transactions @cftc
— Stephen Joyce (@lstephenjoycejr) March 1, 2013

2/2Murphy: mistake to go too much in direction of sole reliance on transaction-based data. All methods can be valid, w/ proper governance
— Stephen Joyce (@lstephenjoycejr) March 1, 2013

1/2 @promontoryfg MD Anthony Murphy, @gfmanews event 28Feb: It is wrong to assume transaction-based benchmarks are immune to problems @sifma
— Stephen Joyce (@lstephenjoycejr) March 1, 2013

2/2 But ... it would be best not to fall prey to accepting that #Libor or any benchmark is 'too big to replace'. " @cftc #benchmark
— Stephen Joyce (@lstephenjoycejr) March 1, 2013

1/2 Gensler at GFMA event Feb28: "I recognize that moving on from LIBOR may be unpopular.
— Stephen Joyce (@lstephenjoycejr) March 1, 2013

After @gmfanews seminar, have a feeling #Libor will still be a global benchmark for a long time.
— Richard Leong (@RichardLeong2) February 28, 2013

See event highlights of GFMA Future of Global Financial Benchmarks industry-led discussion held 28 Feb: bit.ly/XGVUwf
— AFME (@News_from_AFME) March 1, 2013

"For a benchmarks to work, they should be simple, clear and distributed in a timely way" -Harry Lipman #gfma
— Bloomberg L.P. (@BloombergLP) February 28, 2013

Looking fwd to #GFMA's Global Financial Benchmarks session in NY tmrw w # IOSCO @cftc's Gensler & industry reps including @thomsonreuters
— David Craig (@davidwicraig) February 28, 2013

Susan Krause Bell and Tony Murphy at #GFMA financial benchmarks program. gfma.org/the-future-of-…#LIBOR
— Karuna (@karuna_kumar) February 28, 2013