ICE NYSE CONTACT WEBICE LOGIN ICE About Solutions Resources Insights Search ICE Benchmark Administration LIBOR ICE Swap Rate LBMA Gold & Silver ISDA SIMM TSRR U.S. Treasuries ICE Bank Yield Index USD Reference Rates ICE RFR Indexes About IBA Contact Us ICE Benchmark Administration publishes feedback statement on consultation on potential cessation of ICE Swap Rate® based on GBP LIBOR® Read the feedback statement Transforming Global Benchmarks Access to accurate, reliable information is essential to the integrity and everyday functioning of global markets and the economies which they support. Benchmarks form a vital part of this ecosystem, helping market participants to assess the value of assets and make informed business decisions with confidence. As one of the world’s most experienced administrators of regulated benchmarks, ICE Benchmark Administration (IBA) is leading the way in benchmark reform. We are evolving benchmarks to ensure high standards of data collection, calculation, publication and surveillance. By establishing comprehensive and robust governance and oversight functions, IBA is enhancing benchmark integrity in order to give market participants confidence in the information they depend upon. IBA also operates a crowdsourcing platform for asset risk data, used to support standardized margin calculations under the ISDA SIMM (Standard Initial Margin Model). This is underpinned by the same principles of procedural excellence and strong governance as our benchmarks. Please read IBA’s benchmark and other information notice and disclaimer. IBA’s Products and Services LIBOR® A widely used global benchmark for short-term interest rates **Note LIBOR is being wound-down** ICE Swap Rate The principal global benchmark for interest rate swaps and spreads LBMA Gold & Silver Prices Global benchmarks for the prices of gold and silver ISDA SIMM Crowdsourcing Facility A facility to aggregate and publish asset risk data for use in ISDA SIMM margin calculations Tradeweb ICE U.S. Treasury Closing Prices The daily mid-market prices for U.S. Treasury Securities ICE TSRR Forward-looking Term SONIA Reference Rates Developing and Enhancing Methodologies for Global Benchmarks LIBOR® Designed a framework for evolving LIBOR through the adoption of a standardized waterfall submissions methodology Implemented purpose-built surveillance technology, operated by a dedicated team of analysts, to examine submissions and trading data Developed a revised code of conduct for panel banks, setting out the framework within which they make submissions to the benchmark Maintaining an oversight committee, with broad market representation, responsible for reviewing the benchmark's methodology and code of conduct On March 5, 2021, the FCA announced that (i) all Euro and Swiss Franc LIBOR settings, the 1 Week and 2 Months US Dollar LIBOR settings, and the Overnight/Spot Next, 1 Week, 2 Months and 12 Months Sterling and Japanese Yen LIBOR settings will cease immediately after December 31, 2021 and (ii) the Overnight and 12 Months US Dollar LIBOR settings will cease immediately after June 30, 2023 On September 29, 2021, the FCA announced that it will use its new regulatory powers to compel IBA to determine and publish the 1-, 3- and 6-Months Sterling and Japanese Yen LIBOR settings under a changed, unrepresentative, “synthetic” methodology for the duration of 2022 Please refer to the sections on our LIBOR webpage headed “The Future of LIBOR” and “New FCA Powers to Impose Changes to LIBOR” for further information ICE Swap Rate Transitioned ICE Swap Rate from a polled submission model, based on subjective price estimates, to a methodology based on quotes from electronic trading venues, making the calculation of this important swap rate significantly more robust Implemented a waterfall methodology to increase the amount of input data available to determine the rate Driving transparency in the benchmark setting process with new technology and new surveillance tools Developed and launched the GBP SONIA ICE Swap Rate Users of ICE Swap Rate settings in respect of which LIBOR serves as the floating leg for the relevant interest rate swaps should note the sections on our ICE Swap Rate webpage headed “The Future of LIBOR: Consequences for the ICE Swap Rate” and on our LIBOR webpage headed “The Future of LIBOR” IBA has announced that it will cease publication of the GBP LIBOR ICE Swap Rate for all tenors immediately after its final publication on December 31, 2021 LBMA Gold & Silver Prices Moved the LBMA Gold Price away from the historical telephone-based process to an electronic, physically-settled auction using ICE's trading platform, recognized around the world for providing access and increasing market transparency Provided direct participants and clients the ability to manage orders in the auction directly themselves for the first time Increased participation in the gold auction, and increased gold and silver auction volumes, as technology and governance improvements have enhanced accessibility and confidence in the process ISDA SIMM Crowdsourcing Facility Launched a crowdsourcing facility in conjunction with ISDA for firms trading uncleared derivatives that provides consensus risk buckets as a key input to the ISDA SIMM methodology Allowing market participants to reduce margin call disputes by providing firms which use the ISDA SIMM methodology with an aligned set of risk buckets Tradeweb ICE U.S. Treasury Closing Prices Together with Tradeweb, IBA has launched the benchmark for U.S. Treasuries based upon executable bid and offer quotes from dealers on Tradeweb’s institutional platform IBA, authorized under the UK Benchmarks Regulation, has published a statement of compliance with the IOSCO Principles for Financial Benchmarks in respect of the Tradeweb ICE U.S. Treasury Closing Prices. IBA’s statement of compliance has been externally reviewed and validated by Ernst & Young LLP (‘EY’) ICE Term SONIA Reference Rates Developed and launched forward-looking ICE Term SONIA Reference Rates (“ICE TSRR ") for 1, 3, 6 and 12-month tenors ICE TSRR are derived using a waterfall calculation methodology, using eligible prices and volumes for specified SONIA-linked interest rate derivative products How IBA Operates IBA combines robust regulatory and governance frameworks with advanced technology to bring credibility and trust to globally important benchmarks. IBA, which is independently capitalized, is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. IBA is required to comply with the FCA's rules for benchmark administrators and has also been formally assessed in respect of LIBOR against the IOSCO Principles for Financial Benchmarks. Statutory Accounts Annual Report and Financial Statements For the Year Ended 31 December 2020 Annual Report and Financial Statements For the Year Ended 31 December 2019 For further information Contact us 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 trade marks of the Bank of England. About Us Our Business Investors Media Careers Corporate Citizenship ICE Exchanges Fixed Income & Data Services Mortgage Technology Futures & Options Trade Clearing Data Benchmarks Reports Contact NYSE List Trade Data Insights Regulation NYSE Connect Subscriptions Media Center Contact Follow Us NYSE ICE ICE Data Services © Copyright 2021 Intercontinental Exchange, Inc. Terms of Use Privacy Policy Security Cookies Do Not Sell My Personal Information Supported Browsers Data Protection Registered Investment Adviser Notice Cookie Consent By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance the site experience, analyze site usage, and assist in our marketing efforts. Cookie Policy Cookies Settings Accept All Cookies