ICE Benchmark Administration Launches Beta Version of GBP SONIA ICE Swap Rate®
October 05 2020 - 7:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of mortgage
technology, data and listings services, announces that ICE
Benchmark Administration Limited (IBA) has launched an initial,
‘Beta’, version of its GBP ICE Swap Rate® for SONIA swaps.
IBA has started to publish daily indicative GBP SONIA ICE Swap
Rate® ‘Beta’ settings with tenors ranging from one to 30 years. The
settings are available here alongside the six other ICE Swap Rate®
benchmark ‘runs’ covering EUR, GBP and USD. IBA’s publication of a
‘Beta’ version of the ICE Swap Rate® for SONIA swaps follows a
positive market response to feedback and consultation papers on
IBA’s proposals to enhance the ICE Swap Rate® through the
introduction of these new settings.
“We are pleased to support the development and adoption of
alternative rates by launching ICE Swap Rate® settings for SONIA”,
said Tim Bowler, President of ICE Benchmark Administration. “IBA is
working hard to provide products and solutions to help stakeholders
transition efficiently to alternative rates. We expect to be able
to launch ICE Swap Rate® settings for other alternative, overnight
rates as the relevant swaps markets develop.”
The GBP SONIA ICE Swap Rate® ‘Beta’ settings are determined
using the published ICE Swap Rate® ‘Waterfall’ methodology and are
available for the same tenors and at the same time as the current
GBP LIBOR® ICE Swap Rate®.
IBA is publishing the GBP SONIA ICE Swap Rate® ‘Beta’ settings
solely for information and illustration purposes in order to enable
stakeholders to evaluate the rates and provide feedback. They are
not intended for, and IBA expressly prohibits their use for, any
other purpose, including as a reference, index or benchmark in
financial instruments, financial contracts, or investment funds.
IBA will announce in due course when GBP SONIA ICE Swap Rate®
settings will be made available as a benchmark for use in financial
instruments.
About ICE Benchmark Administration
ICE Benchmark Administration
is authorized and regulated by the Financial Conduct Authority for
the regulated activity of administering a benchmark, and is
authorized as a benchmark administrator under the EU Benchmarks
Regulation. IBA reserves all rights in the ICE Swap Rate
methodology, and in the ICE Swap Rate and GBP SONIA ICE SWAP Rate
‘Beta’ settings. ICE Swap Rate, ICE LIBOR, LIBOR and ICE Benchmark
Administration are registered trademarks of IBA and/or its
affiliates.
About Intercontinental Exchange
Intercontinental Exchange
(NYSE: ICE) is a Fortune 500 company formed in the year 2000 to
modernize markets. ICE serves customers by operating the
exchanges, clearing houses and information services
they rely upon to invest, trade and manage risk across global
financial and commodity markets. A leader in market data,
ICE Data Services serves the
information and connectivity needs across virtually all asset
classes. As the parent company of the New
York Stock Exchange, the company is the premier venue
for raising capital in the world, driving economic growth and
transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located at http://www.intercontinentalexchange.com/terms-of-use.
Key Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation
can be accessed on the relevant exchange website under the heading
“Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2019, as
filed with the SEC on February 6, 2020.
About SONIA
The "SONIA" mark is used under licence from the Bank of England
(the benchmark administrator of SONIA), and the use of such mark
does not imply or express any approval or endorsement by the Bank
of England. "Bank of England" and "SONIA" are registered trademarks
of the Bank of England.
Source: Intercontinental Exchange
ICE-CORP
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ICE Media Contact Rebecca Mitchell +44 7951 057351
rebecca.mitchell@theice.com
ICE Investor Contact Warren Gardiner 770-835-0114
Warren.Gardiner@theice.com
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