The head of the top U.S. markets regulator on Monday issued a warning over marke...
WASHINGTON - The head of the top U.S. markets regulator on Monday issued a warning over market risks including rising corporate debt, a U.K. withdrawal from the European Union, and the transition away from a key lending rate.
Jay Clayton, chairman of the Securities and Exchange Commission , told an audience in New York he continued to be concerned over corporate debt growth, which he said had been fostered by a decade of accommodative monetary policies. “We should recognize what prices and price movement in the corporate debt market are telling us. For example, on a total return basis, the upside has become more limited while the downside has not improved.”
Clayton also said U.S. banks should assess their exposure to the London interbank offering rate, known as Libor, ahead of a 2021 deadline to transition away from the lending benchmark rate. He said that the industry had to decide how to actively manage that risk, however.
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