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Industry groups recommend new U.S. rate benchmark
NEW YORK, May 4 (Reuters) - Two financial industry groupssaid on Wednesday they would like to see the New York FederalReserve's newly created funding rate replace the existing one asa new benchmark.
The New York Fed's overnight bank fund rate,which was launched on March 2, includes more transactions thanthe current one widely used on the federal funds market developed by interbroker dealer ICAP. (Reporting by Richard Leong; Editing by Alan Crosby)
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