SEC Chairman Gensler disfavors Bloomberg Short-Term Bank Yield Index to replace LIBOR

"I believe BSBY has many of the same flaws as LIBOR. Both benchmarks are based upon unsecured, term, bank-to-bank lending .... That’s why I believe the Secured Overnight Financing Rate (SOFR), which is based on a nearly trillion-dollar market, is a preferable alternative rate."

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