Overview & LIBOR Transition
ICE Benchmark Administration Limited (IBA) was established in July 2013 following an announcement by the Hogg Tendering Advisory Committee, an independent committee set up by the UK government to select the new administrator for the London Interbank Offered Rate (LIBOR).
The transfer from BBA LIBOR Ltd (BBALL) to IBA was completed on February 1, 2014, following authorisation by the Financial Conduct Authority (FCA).
- ICE intends to return credibility, trust and integrity to LIBOR, by bringing together a strong regulatory and governance framework and market-leading validation techniques
- ICE has implemented a new post-publication surveillance system and tests designed to assess the credibility of LIBOR submissions and rates
- New surveillance methodology has been designed to adjust to changing market conditions and employs sophisticated analytical tools to operate the benchmark price setting process with transparency
- Thomson Reuters continues to undertake the collection, some real-time surveillance and calculation services, under the oversight of ICE
- Upon transfer, ICE took over from Thomson Reuters as the primary publisher of the LIBOR rates, using a new Secure File Transfer Protocol (SFTP) service
- Data continues to be available via third party re-distributors
- On 23 January, the Loan Markets Association published two guidance notes discussing the impact of LIBOR transition to ICE, which are available for their members on their website (www.lma.eu.com)
For LIBOR licensing and SFTP enquiries, or to send your SFTP Public Keys, please contact:
LiborLicensing@theice.com or call +44 (0)20 3540 7200 (U.K.) or +1 347 252 6465 (U.S.).
For all other enquiries please contact: Libor@theice.com or call +44 (0)20 7429 7100.