This rate represents the last rate received from ICAP when their feed closes at about 6:00pm. It is not to be confused with the Federal Banks closing rate. Rates fluctuate based on the low & high rates traded by ICAP's group of brokers. The Federal Bank's rate on FEDL01 Index, is a daily rate, in which until March 1, 2016, the daily effective federal funds rate was calculated by the New York Fed as a volume-weighted mean of overnight rates on trades arranged by major brokers. As of March 1, 2016, the New York Fed is reporting the daily volume-weighted median value of trades provided by the brokers. All rates are subject to revision by the New York Fed. Note: Closing value of 1.0% for 12/31/00 is correct. Closing value of 2.5% for 10/12/05 is correct.Closing value of .05 for 03/29/13 is correct.