ICE Benchmark Administration

ICE Benchmark Administration publishes consultation on potential cessation of ICE Swap Rate® based on GBP LIBOR®

IBA publishes feedback statement for consultation on its intention to cease publication of LIBOR® settings

IBA publishes fourth update on the U.S. Dollar ICE Bank Yield Index

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

ICE LIBOR »

A widely used global benchmark for short-term interest rates

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

ICE 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
The FCA has announced that LIBOR settings will either cease to be published or will no longer be representative after 30 June 2023 (in the case of overnight, 1, 3, 6 and 12-month USD LIBOR) or December 31, 2021 (for the other LIBOR settings). Please refer to the section on our LIBOR webpage headed “The Future of LIBOR” for further details

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”

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 ICE LIBOR against the IOSCO Principles for Financial Benchmarks.

Statutory Accounts

For further information

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.