ICE Benchmark Administration to Launch USD SOFR ICE Swap Rate® Swap Spreads and EUR €STR ICE Swap Rates® as Benchmarks
June 21 2024 - 8:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, today announced that ICE Benchmark
Administration Limited (IBA) intends to launch USD SOFR ICE Swap
Rate® Swap Spreads and EUR €STR ICE Swap Rates® for use as
benchmarks in financial contracts and financial instruments by
licensees on July 1, 2024.
The launch follows the successful publication by IBA of
indicative, ‘Beta’ versions of the USD SOFR ICE Swap Rate Swap
Spreads and EUR €STR ICE Swap Rates settings for an initial testing
period since May 3, 2024.
“Following successful testing, we are pleased to announce a
further expansion of IBA’s suite of ICE Swap Rate benchmarks to
include SOFR swap spreads and €STR swap rates,” said Clive de Ruig,
President of IBA. “IBA continues to innovate and develop its
regulated benchmark offering to ensure that we can provide reliable
and relevant benchmark data to our customers.”
The USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap
Rates settings are determined using IBA’s published ICE Swap Rate
“Waterfall” calculation methodology. The publication tenors, input
data specifications and standard market sizes are available on
IBA’s ICE Swap Rate webpage.
IBA will publish USD SOFR ICE Swap Rate Swap Spreads and EUR
€STR ICE Swap Rates settings for use as benchmarks by licensees on
and subject to the terms of their current USD and EUR ICE Swap Rate
licensing agreements, respectively. The settings will be made
available alongside IBA’s other ICE Swap Rate settings covering USD
(SOFR), GBP (SONIA) and EUR (EURIBOR) currencies in tenors ranging
from one to 30 years.
Please contact IBA’s licensing team at IBA-licensing@ice.com for
information regarding how to license and access IBA’s ICE Swap Rate
benchmark (including the new 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. IBA reserves all
rights in the ICE Swap Rate methodology and the ICE Swap Rate
settings, including USD SOFR ICE Swap Rate Swap Spreads and EUR
€STR ICE Swap Rates settings. ICE, ICE Swap Rate and ICE Benchmark
Administration are registered trademarks of IBA and/or its
affiliates. IBA is not affiliated with the New York Fed. The New
York Fed does not sanction, endorse, or recommend any products or
services offered by IBA. 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.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology, we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines and automates 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, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240621758912/en/
ICE Media Contact: Jess Tatham jess.tatham@ice.com
+44 7377 947136 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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