Jan 24 (Reuters) - New York Stock Exchange operator Intercontinental Exchange Inc said on Thursday it plans to launch a new benchmark to replace the Libor, as part of global efforts to scrap its use after a manipulation scandal.
The new benchmark, U.S. Dollar ICE Bank Yield Index, would be based on unsecured bank debt over one, three, and six-month periods, the operator said bit.ly/2DudOO8 in a white paper.
Banks were fined billions of dollars for trying to manipulate Libor or London Interbank Offered Rate, which measures borrowing costs between lenders.
Libor provides an interest rate benchmark for nearly all syndicated loans and derivative products, as well as intercompany loans and other types of commercial contracts. Some mortgage rates in the United States are also linked to Libor.
Rival CME Group said in August it would launch a futures contract linked to Bank of England interest rate meetings. (Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur)