In the battle for benchmark supremacy, another potential contender has emerged to take on the London interbank offered rate (LIBOR).

ICE Benchmark Administration, the organization which currently oversees LIBOR, has outlined a possible successor to the scandal-tainted reference rate that underpins more than $200 trillion of dollar-denominated financial instruments. The unveiling of the proposed new gauge—known as the U.S. Dollar ICE Bank Yield Index—follows the launch last year of another alternative for dollar-denominated transactions, the Secured Overnight Financing Rate (SOFR).

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