ICE Benchmark Administration Consults on Potential Cessation of ICE Swap Rate® based on GBP LIBOR®
May 07 2021 - 8:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of data, technology, and market infrastructure, today
announced that ICE Benchmark Administration Limited (“IBA”) has
published a consultation on its intention to cease the publication
of ICE Swap Rate® settings based on GBP LIBOR®.
Following the FCA’s announcement on March 5, 2021 regarding the
future cessation and loss of representativeness of LIBOR, IBA does
not expect the necessary input data to calculate GBP LIBOR ICE Swap
Rate settings (i.e. eligible interest rate swap transactions
referencing GBP LIBOR settings) to be available after December 31,
2021.
As a result, IBA is consulting on its intention to cease the
publication of GBP LIBOR ICE Swap Rate settings for all tenors
(from one to 30 years) immediately after publication on December
31, 2021.
The consultation is open for feedback until 5:00pm London time
on Friday June 4, 2021. IBA will publish a feedback statement after
the feedback period has closed.
The consultation is not, and must not be taken to be, an
announcement that IBA will cease or continue the publication of GBP
LIBOR ICE Swap Rate, or any other ICE Swap Rate settings, after
December 31, 2021, or any other date. IBA expects to consult on the
potential cessation of USD LIBOR ICE Swap Rate in due course.
Since December 2020, IBA has published GBP ICE Swap Rate
settings based on SONIA. GBP SONIA ICE Swap Rate settings are
available for the same tenors as GBP LIBOR ICE Swap Rate settings
and at the same time, and are determined using the published ICE
Swap Rate ‘Waterfall’ methodology based on eligible interest rate
swap transactions referencing SONIA settings.
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 UK Benchmarks Regulation. ICE LIBOR, LIBOR,
ICE Swap Rate and ICE Benchmark Administration are registered
trademarks of IBA and/or its affiliates.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate
exchanges, including the New York Stock Exchange, and
clearing houses that help people invest, raise capital and
manage risk across multiple asset classes. Our comprehensive fixed
income data services and execution capabilities provide
information, analytics and platforms that help our customers
capitalize on opportunities and operate more efficiently. At ICE
Mortgage Technology, we are transforming and digitizing the
U.S. residential mortgage process, from consumer engagement through
loan registration. Together, we transform, streamline and automate
industries to connect our customers to opportunity.
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 here. 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, 2020, as
filed with the SEC on February 4, 2021.
About SONIA
The "SONIA" mark is used under license 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.
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20210507005314/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@ice.com +44 7951 057 351
ICE Investor Contact: Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738-2151
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