La Commodity Futures Trading Commission a publié le discours de son Président, Gary Gensler, devant le Parlement européen.
Les deux principaux thèmes abordés lors de ce discours sont :
Le taux de référence interbancaire offert à Londres (LIBOR) ;
Le taux de référence du marché monétaire de la zone euro (Euribor).
Good afternoon Vice Chairwoman McCarthy and members of the Economic and Monetary Affairs Committee. I thank you for inviting me to discuss global benchmark rates, including the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (Euribor). I am pleased to testify along with my friend, Michel Barnier. Commissioner Barnier and I have a terrific working relationship, and I look forward to our continued collaboration.
This is my third time testifying before this committee but my first time under these circumstances. I want to thank you for allowing me to appear via video.
I couldn’t be with you in person because a couple of weeks ago I fell in my house in Washington. The result of this clumsy fall was four broken ribs and a punctured lung. The doctor recommended that I shouldn't travel overseas yet to be with you.
I will have a full recovery, but as I’ve been recuperating, I’ve had some persistent questions from friends and family: how did it happen, how extensive is the problem, and what is the healing process?
This brings me to the topic of today’s hearing. In June, the financial markets were taken aback when the Barclays settlement was announced.
As I turned to preparing for this testimony, I found myself asking the same questions about the Barclays case that I’ve been hearing about my injury: how did it happen, how extensive is the problem, and what is the healing process ?
These are basically the same questions this committee has asked me to address: what were the systemic failures, how widespread is the problem, and what action is being taken and what future reforms are necessary ?
So in the remainder of my testimony, I will try to answer these questions.
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