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Industry groups recommend new U.S. rate benchmark

Reuters - UK Focus

NEW YORK, May 4 (Reuters) - Two financial industry groups said on Wednesday they would like to see the New York Federal Reserve's newly created funding rate replace the existing one as a new benchmark.

The New York Fed's overnight bank fund rate, which was launched on March 2, includes more transactions than the current one widely used on the federal funds market developed by interbroker dealer ICAP (LSE: IAP.L - news) . (Reporting by Richard Leong; Editing by Alan Crosby)