ICE Benchmark Administration Publishes Feedback Statement on the Consultation on the Potential Cessation of ICE Swap Rate® based on USD LIBOR®
November 14 2022 - 7:52AM
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 feedback statement on its intention to cease the
publication of ICE Swap Rate® settings based on USD LIBOR®.
Following the FCA’s announcement on March 5, 2021, IBA does not
expect sufficient (or perhaps any) input data required to calculate
USD LIBOR ICE Swap Rate settings (i.e. data based on eligible
interest rate swaps referencing USD LIBOR settings) to be available
after June 30, 2023. As a result, IBA published a
consultation in August 2022 to seek feedback regarding its
intention to cease the publication of all USD LIBOR ICE Swap Rate
benchmark “runs” (i.e. USD LIBOR Rates 1100, USD LIBOR Spreads 1100
and USD LIBOR 1500) for all tenors immediately after publication on
June 30, 2023.
Based on the feedback received, IBA is announcing today that it
will cease the publication of all USD LIBOR ICE Swap Rate benchmark
runs (i.e. USD LIBOR Rates 1100, USD LIBOR Spreads 1100 and USD
LIBOR 1500) for all tenors immediately after publication on June
30, 2023.
Users of the USD LIBOR ICE Swap Rate benchmark should take
account of its upcoming cessation and ensure their contractual and
other arrangements linked to the benchmark contain appropriate
fallback or other arrangements to address the cessation.
Other than the above announcement regarding the cessation of USD
LIBOR ICE Swap Rate, none of the consultation, the feedback
statement, or this press release is, or should be taken to be or
include, an announcement that IBA will cease or continue the
publication of any other ICE Swap Rate settings, after June 30,
2023, or any other date.
In connection with the LIBOR transition, since November 2021,
IBA has published USD ICE Swap
Rate settings based on SOFR for use as a benchmark in financial
contracts and financial instruments by licensees. USD SOFR ICE Swap
Rate settings are available for the same tenors and published at
the same time as the current “USD LIBOR Rates 1100” ICE Swap Rate
benchmark run.
USD SOFR ICE Swap Rate settings are determined in accordance
with the published ICE Swap Rate ‘Waterfall’ methodology, using eligible
input data in respect of SOFR-linked interest rate swaps.
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, 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.
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, 2021, as
filed with the SEC on February 3, 2022.
Category: Exchanges
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20221114005653/en/
ICE Media Contact: Rebecca Mitchell Rebecca.Mitchell@ice.com +44 7951 057 351
ICE Investor Contact: Katia Gonzalez katia.gonzalez@ice.com (678) 981-3882
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