LIBOR Alternative Launched

"Late Tuesday, London-based inter-broker ICAP plc said that Wednesday would mark the the launch of its U.S. alternative to the the London Interbank Offer Rate, or LIBOR. The move comes amid harsh criticism of LIBOR from many market quarters, suggesting that banks intentionally reported lower lending rates than were reality as part of a market signaling strategy during the height of the most recent round of the credit crunch in March."