ICE Benchmark Administration to Consult On Its Intention to Cease the Publication of GBP, EUR, CHF and JPY LIBOR
November 18 2020 - 2:00AM
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) will consult on its
intention to cease the publication of all GBP, EUR, CHF and JPY
LIBOR settings. Discussions involving IBA, the Financial Conduct
Authority (FCA), other official sector bodies and the panel banks
are continuing regarding the future of USD LIBOR.
In July 2017, the FCA announced its intention that it would no
longer be necessary to persuade, or compel, banks to submit to
LIBOR after December 31, 2021. Since then, the FCA and other
official sector bodies have strongly advised end-users of the need
to transition from LIBOR by December 31, 2021. IBA has engaged with
end-users, panel banks, the FCA and other official sector bodies
regarding the potential for continuing certain widely-used LIBOR
settings after December 31, 2021, where necessary to support
transition.
Based on feedback and information received from the panel banks,
and following discussions with the FCA and other official sector
bodies, IBA will, in the near future, consult on its intention to
cease the publication after December 31, 2021, of the following
LIBOR settings:
- GBP - all tenors (overnight, 1 week, 1, 2, 3, 6 and 12
months)
- EUR - all tenors (overnight, 1 week, 1, 2, 3, 6 and 12
months)
- CHF - all tenors (spot next, 1 week, 1, 2, 3, 6 and 12
months)
- JPY - all tenors (spot next, 1 week, 1, 2, 3, 6 and 12
months)
Discussions involving IBA, the FCA, other official sector bodies
and the panel banks are continuing regarding the future of USD
LIBOR. IBA expects to be able to make further announcements
regarding USD LIBOR when the discussion process concludes. There
can be no certainty or guarantee that IBA will be able to publish
any USD LIBOR settings after December 31, 2021.
This press release is not, and must not be taken to be, an
announcement that IBA will continue or cease the publication of any
LIBOR settings after December 31, 2021. IBA expects to make
separate announcements in this regard following the outcome of the
consultations, and subject to any rights of the FCA to compel IBA
to continue publication.
An FCA statement regarding the use of certain of its proposed
new powers can be found here.
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. 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 and provider of marketplace
infrastructure, data services and technology solutions to a broad
range of customers including financial institutions, corporations
and government entities. We operate regulated marketplaces,
including the New York Stock Exchange, for the listing, trading and
clearing of a broad array of derivatives contracts and financial
securities across major asset classes. Our comprehensive data
services offering supports the trading, investment, risk management
and connectivity needs of customers around the world and across
asset classes. As a leading technology provider for the U.S.
residential mortgage industry, ICE
Mortgage Technology provides the technology and
infrastructure to transform and digitize U.S. residential
mortgages, from application and loan origination through to final
settlement.
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.
Source: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20201117006362/en/
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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