Icap, the interdealer brokerage, on Wednesday launches a new survey-based measure of one- and three-month unsecured bank funding costs during the New York trading day.

Icap’s daily New York Funding Rate poll comes as questions are raised about the accuracy of daily dollar Libor settings overseen by the British Bankers Association. Those rates are set in London before New York opens for business and of the 16 banks that supply the BBA with dollar quotes, just three are US based.