ICAP announced that it will launch NYFR Fixings, a new measure of 1- and 3-​month unsecured bank funding costs in a press release. "​The daily NYFR poll will be conducted during the New York morning when the Eurodollar market is most active. ICAP initially will collect data on 1- and 3-​month rates, but other maturities may be added to the program over time depending on market interest," said the company. CEO Doug Rhoten says, "There has been much discussion about measuring the interbank rate when market conditions are volatile and we believe that a survey conducted during the most active part of the U.​S. trading session will give us a concrete measure of actual funding costs. We also think the anonymity of this survey will make the survey results objective during periods of financial strain. We don'​t expect the NYFR to replace more transparent, established fixings as a contractual reference rate, but we believe the NYFR fixings will play a complementary role."

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