Before revision:  Within such double-curve-single-currency framework, adopted by the market after the liquidity crisis started in summer 2007, standard single-curve no arbitrage relations are no longer valid  and can be formally recovered through the introduction of a basis adjustment . Numerical results show that the resulting basis adjustment curves may display an oscillating micro-term structure that may induce appreciable effects on the price of interest rate instruments.
After revision:  Within such double-curve-single-currency framework, adopted by the market after the liquidity crisis started in summer 2007, standard single-curve no arbitrage relations are no longer valid and can be recovered by taking properly into account the forward basis bootstrapped from market basis swaps . Numerical results show that the resulting basis adjustment curves may display an oscillating micro-term structure that may induce appreciable effects on the price of interest rate instruments.