J Christopher Giancarlo served as chair of the US Commodity Futures Trading Commission. He was previously an independent director of the American Financial Exchange, the sponsor of the Ameribor credit-sensitive benchmark interest rate. Bruce Tuckman is a clinical professor of finance at the Stern School of Business at New York University. He previously served as chief economist of the CFTC.

The 30 June date marked the end of the London interbank offered rate. Libor, as it is better known, has been the world’s dominant interest rate benchmark over the past 40 years. Libor’s demise happens to coincide with a challenging environment for US regional and smaller banks and is an opportunity to reflect on what should come next. We believe that regulators should not insist on replacing the one-size-fits-all Libor regime with another one-size-fits-all benchmark.