New York Funding Rate
An interest rate benchmark launched by ICAP (the inter-dealer broker) in 2008 to respond to concern about the accuracy of LIBOR at the time and to provide a rate relating to a time when the New York market was open. It was published in New York at about 10 am and based on rates submitted by contributing banks at around 9.15 am local time.
Effectively a US domestic rate, in normal market circumstances arbitrage with the Euro-dollar market in London (still open in the New York morning) would be expected to minimise differences between the two markets - LIBOR rates being euro-currency rates.
Publication ceased in 2012 [] as an insufficient number of banks were willing to contribute rates.
NYFR, while it was published, followed US dollar LIBOR very closely. A comparison of LIBOR and NYFR can be found in A comparison of Libor to other measures of bank borrowing costs, Kuo et al., [].
This paper refers to LIBOR as an offered rate whereas since 1998 contributions are of rates at which the contributing bank would expect to be able to fund by "by asking for and then accepting inter-bank offers", and this is thus not an "offered rate" as such.