Gensler: LIBOR, EURIBOR, etc. Must Be Scrapped

`` Two interest rate benchmarks that banks were fined for rigging should be scrapped and replaced by indicators based on market transactions, a top U.S. regulator said on Monday. The changes should also include benchmarks linked to gold, oil and other commodities, said Gary Gensler, chairman of the Commodity Futures Trading Commission said.'' -- We wonder if "market transactions" includes the futures markets, as they produced the bizarre moves in gold and silver on April 12th and 15th...