LIBOR - rate at which banks in LONDON would lend to each other.
Is there a similar index for banks in New York (or any other major financial city) would lend to each other? For example, what is the rate that JPMorgan would lend to Bank of America in New York, is it still LIBOR or somethign else?
Is 'LONDON' here just for legacy purposes, and LIBOR today really means the rate at which major banks would lend to each other, regardless of city? eg, USD Libor is the rate bank would lend money in USD to each other, TIBOR is the rate at which banks would lend money in JPY to each other.
If the answer to the above is NO: it is still specific to banks in london. Then why would say a swap contract made purely between 2 US counterparties still be based no LIBOR rate? How is it got anything to do with London? Simialr, why would US mortgages, which are purely domestic, be based on LIBOR?