Icap, the interdealer brokerage, on Wednesday will launch a new survey-based measure of one- and three-month unsecured bank funding costs during the New York trading day. Icap’s daily New York Funding Rate poll comes amid debate about the accuracy of daily dollar Libor settings overseen by the British Bankers Association. Those rates are set in London before New York opens for business and of the 16 banks that supply the BBA with dollar quotes, just three are US based. At its annual conference this week, the BBA will announce it will increase the number of banks that set Libor and that is also considering a second US dollar Libor fix when New York opens and an additional European dollar index.

This entry was posted by Gwen Robinson on Wednesday, June 11th, 2008 at 5:29 and is filed under Capital markets. Tagged with icap, Libor. Edit this entry.