ICAP hopes to launch New York Funding Rate next week

NEW YORK, May 16 (Reuters) - Bond broker ICAP plc (IAP.L: Quote, Profile, Research, Stock Buzz) hopes to launch a U.S.-based index on dollar-denominated interbank borrowing rates next week, an ICAP source said on Friday.

The index will be called the New York Funding Rate (NYFR).

"We very much hope to launch it next week," the ICAP source said.

Some market participants have called for an alternative U.S. rate benchmark to the London interbank offered rate (Libor) because its reliability has been questioned during the current global credit crisis. (Reporting by Richard Leong and John Parry; Editing by Jonathan Oatis)