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US Treasury chief Yellen voices concern about lack of volume in derivatives contracts linked to Libor substitute

( June 11, 2021, 20:08 GMT | Official Statement) -- MLex Summary: US Treasury Secretary Janet Yellen, head of the Financial Stability Oversight Council, expressed concern about the lack of volume in derivatives contracts tied to the Secured Overnight Financing Rate rather than Libor. This lack of SOFR volume potentially leaves the benchmark "vulnerable to manipulation and disruption," a primary issue with Libor that led regulators worldwide to coordinate on a switch to market-based rates, she told the risk council of top US financial regulators. Yellen urged market participants to "act promptly" to switch to SOFR in their new contracts, as a US Commodity Futures Trading Commission panel recommended this week.Statement follows below:...

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