A broker in the U.S. is reportedly cooking up the next generation Libor: the New York Funding Rate, or NYFR, a Frankenstein that could be unleashed upon the world as soon as today. While we submit that perhaps the U.S. should be a bit more concerned about its widows and orphans getting slammed by the nation’s inflation-indexed savings bond paying out 0% for the first time ever, we digress. The broking firm launching “nyfer” assures us that it isn’t looking to replace Libor, as it reflects very different market fundamentals, but we say why not go for broke? If the pound is pounding the U.S. dollar, why shouldn’t we also get grabby with London? And now, here’s exactly how this very special toggle is expected to work.

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