BRUSSELS, Sept 24 Independent bodies such as
those set up to record derivatives transactions could collect
market trades as part of efforts to reform and restore
confidence in the Libor benchmark interest rate, a top U.S.
regulator said on Monday.
Gary Gensler, chairman of the Commodity Trading Futures
Commission, told members of the European Parliament that he
favoured moving towards "real observable transactions and an
independent body collecting that data".
Gensler called for the creation of "firewalls or separation
between the trading desk that can profit" so that trading desks
are unable to influence submissions that go towards setting the
London Interbank Offered Rate (Libor).
"At Barclays there were trading desk in London and Tokyo and
New York, they were all trying to influence the submitters when
they made their submissions," he said in reference to Libor.