He suggests an overnight index swap rate.

FORBES: Kill Libor, Markets Need A New Benchmark

The recent action was to extend their maturity (to February 1, 2013) and lower the rate from the U.S. dollar OIS (overnight index swap) rate plus one percent to plus one-half percent.

FORBES: The Fed's Recent Action on Swaps

These central banks have agreed to lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by 50 basis points so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points.

FORBES: Eurozone: At Last Somebody Does Something!

For the past year, the swap facility has been priced at a prohibitively expensive 1% over the rate for overnight index swaps, the benchmark interbank rate, in order to discourage moral hazard.

WSJ: Central Banks' Action