in australia the bank bills market is alive and well and so the ibor swap market has a sound basis.
whereas in usa , libor i think ive heard is really become pretty meaningless as 3m noncollateralised interbank deposits do not trade any more
also the fed funds market , ie the ois rate, is apparently completely ineffectual now that bank reserves are 100x what they used to be...
so in the usa in both libor and ois, what is driving these.rates... i guess its the tail wagging the dog - ie the swaps driving the index?