In 2015, the scope of UK benchmark legislation was extended to include additional benchmarks in line with recommendations made by the UK Government’s Fair and Effective Markets Review in 2014.
Under the extended legislation, the ICE Brent Index is a specified benchmark administered by ICE Futures Europe under the supervision of the Financial Conduct Authority (FCA).
The ICE Brent Index represents the average price of trading in the BFOE (Brent-Forties-Oseberg-Ekofisk) ‘cash’ or forward (‘BFOE Cash’) market in the relevant delivery month as reported and confirmed by industry media. Only published full cargo size (600,000 barrels) trades and assessments are taken into consideration in the calculation.
The ICE Brent Index is published by ICE Futures Europe on the day after expiry of the front month ICE Brent futures contract and used by the Exchange as the final cash settlement price.
The ICE Brent Index is calculated as an average of the following elements:
The ICE Brent Index is published on the ICE Report Center for information. It is used by ICE Futures Europe on expiry of the front month futures contract as the final cash settlement price.
The ICE Brent Index Oversight Committee comprises independent industry experts, Oil Price Reporting Agency (PRA) representation and ICE Futures Europe non-executive directors and representatives. The Oversight Committee is responsible for monitoring and overseeing the administration of the ICE Brent Index including matters of definition and scope as well as exercising collective scrutiny of benchmark submissions as required. The members of the ICE Brent Index Oversight Committee are:
|Grahame Cook (Chair)||Independent Expert|
|Phil Bruce||Independent Non-Executive Director, ICE Futures Europe|
|Christine Crosley||Independent Expert|
|Mike Davis||Market Development, ICE Futures Europe|
|Tim Faithfull||Independent Non-Executive Director, ICE Futures Europe|
|David Morgan||Independent Expert|
|Phil Redman||Market Oversight, ICE Futures Europe|
|Richard Street||Head of Regulation & Compliance, ICIS|
|Emma Vick||Benchmark Administration, Intercontinental Exchange|
|Stuart Williams||President & CEO, ICE Futures Europe|