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(The following is a reformatted version of a press release issued by the Commodity Futures Trading Commission and received via e-mail. The release was confirmed by the sender.)

Statement of Chairman Gary Gensler on RBS Settlement

Feb. 6, 2013

Washington, DC - Today, Chairman Gary Gensler made the following statement:

“Today’s Order against RBS demonstrates yet another clear case of a bank falsely reporting and attempting to manipulate or successfully manipulating benchmark rates to increase trading profits. Such false reporting of benchmark rates undermines the integrity of markets and shakes the public’s trust in our financial system.

“Once again we have a blatant example of what bad actors can do when a benchmark rate’s underlying market becomes virtually nonexistent.

“I believe that for the public to have confidence in benchmark rates, which are at the foundation our economy, they must reference observable transactions. It’s through real transactions between arm’s length buyers and sellers coming together in a marketplace that prices are discovered and set. Benchmarks separated from real transactions leaves them vulnerable to misconduct.

“I want to thank the CFTC’s Division of Enforcement for their dedication and hard work on this case.”

(sgp) NY


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