Your browser is unsupported

Please visit this URL to review a list of supported browsers.

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.

Licensing & Data

ICE Benchmark Administration (IBA) provides transparent, fair and sustainable access to the benchmarks for all users. IBA licenses the use or redistribution of the benchmarks on a commercial and reasonable basis, to help set standards of fairness and transparency in benchmark distribution and licensing.

IBA benchmark data is available on a real-time, intraday or delayed basis through redistribution partners. For LIBOR and ICE Swap Rate, intraday data is available 4 hours after original publication time and delayed data is available 24 hours after original publication time. For LBMA Gold Price and LBMA Silver Price, intraday data is available 4 hours after original publication time and delayed data is available at midnight London time.

Clients wishing to use or redistribute IBA’s benchmarks require a license. Further information on the types of licenses available can be found below.

Click to expand

Licensing

Any entity or person that wishes to use IBA’s benchmark or other information and data needs to enter into an appropriate licence agreement with IBA. IBA currently makes available six types of licence agreements for its benchmarks and other information and data:

  • Usage Licences (e.g. for use in valuation and pricing activities, transactions and financial products)
  • Historical Data Access Licences
  • Market Data Vendor/Redistribution Licences
  • Trading/Clearing Venue Licences (e.g. for the creation, listing, trading, clearing and settlement of financial products)
  • Exchange Traded Product Licenses (e.g. for the creation and issuance of exchange traded funds)
  • Derived Benchmark Licenses (e.g. for the creation of derived indices)

Please see our Master Licence Agreement and our Fee Schedules below or contact IBA at [email protected] for further details.

Where an entity or person wishes to use IBA’s benchmark or other information and data in a manner not contemplated by one of our existing licenses, it should contact IBA at [email protected] to discuss entering into an appropriate licence arrangement.

IBA Master License Agreement

(Do not sign this version, please contact [email protected] for a version to execute)

Fee Schedule 2022

Data Vendors and Redistributors

Details of authorized data vendors and redistributors for IBA’s benchmark and other data can be obtained from [email protected].

Additional Access Options for LIBOR

All of IBA's benchmarks can be accessed from redistributors and data vendors. For historical continuity, clients with a license for LIBOR have three additional options for accessing the rates:

  • LIBOR® Multicast
  • IBA's MFT service
  • IBA's daily email distribution

MFT Service

  • Licensed clients are able to download LIBOR rate information from ICE MFT servers at time of publication (around 11:55am London time)
  • Files are published in FIXML format with one file for each currency
  • Licensed clients are also able to access historical LIBOR rates files, going back to 1st June 2004
  • In order to set up access to this service, clients are required to generate SSH keys and provide these to: [email protected]

MFT Connectivity Rules

Technical Documentation

Sample Files - LIBOR

LIBOR rates files are in FIXML format. Sample files are provided to help clients in setting up their systems.

Sample LIBOR file - “panel bank” rates USD
Sample LIBOR file - “synthetic” rates GBP
Sample LIBOR file - “synthetic” rates JPY

Sample Files - ICE Swap Rate

Sample ICE Swap Rate file - GBP SONIA RATES 1100
Sample ICE Swap Rate file - EUR RATES 1100
Sample ICE Swap Rate file - EUR RATES 1200
Sample ICE Swap Rate file - USD LIBOR RATES 1100
Sample ICE Swap Rate file - USD LIBOR RATES 1500
Sample ICE Swap Rate file - USD LIBOR SPREADS 1100
Sample ICE Swap Rate file - USD SOFR Rates 1100

Sample Files - LBMA Gold and LBMA Silver Price


Visit the LBMA Gold and Silver Price page for sample files

Note: Clients may find it easier to view the contents of the FIXML file using Microsoft Excel to tabulate the data into headed columns. To do this, save the file to your computer, then drag and drop the file onto an open Microsoft Excel window and select 'As an XML table' when presented with the 'Open XML' dialogue box (you may need to click 'OK' again if asked whether to create a schema based on the XML source data).

Note: Clients may find it easier to view the contents of the FIXML file using Microsoft Excel to tabulate the data into headed columns. To do this, save the file to your computer, then drag and drop the file onto an open Microsoft Excel window and select 'As an XML table' when presented with the 'Open XML' dialogue box (you may need to click 'OK' again if asked whether to create a schema based on the XML source data).

Governance & Oversight

ICE Benchmark Administration (IBA) is authorised and regulated by the UK’s Financial Conduct Authority (FCA) to carry out the Regulated Activity of “administering a benchmark”.

IBA has a majority independent board, comprised of both independent non-executive and executive directors.

IBA also maintains oversight committees for its benchmarks, which include representation from the market, industry bodies, benchmark contributors and infrastructure providers. See our individual benchmark pages for further details on our oversight committees.

IBA is a private company limited by shares, registered in England with company number 08457573. IBA’s registered office is at Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom.

Click to expand

Policies

Whistleblowing Procedure

Compliance

Assurance on Compliance with EU Benchmarks Regulation and Benchmark Methodologies

IBA has published a Statement of Compliance with the EU Benchmarks Regulation and Benchmark Methodologies, including in respect of ICE Swap Rate, and Ernst & Young LLP has externally reviewed and provided assurance in respect of this Statement. Please note that, from April 27, 2018 to December 31, 2020, IBA was authorized as a benchmark administrator under the EU Benchmarks Regulation (the “EU BMR”). Following the conclusion of the transition period in relation to the withdrawal of the UK from the EU, commonly referred to as “Brexit”, which ended at 11:00 pm on December 31, 2020, IBA ceased to be authorised as a benchmark administrator under the EU BMR and is now authorised as a benchmark administrator under the UK Benchmarks Regulation (the UK legislation and rules onshoring the majority of the EU BMR following Brexit, as amended, the “UK BMR”). Benchmarks provided by IBA may continue to be used by supervised entities in the EU under EU BMR transitional provisions.

Control Framework

IBA has developed and implemented a control framework for the design, calculation, maintenance and distribution of the benchmarks it administers. The control framework is formally documented and the IBA Board is responsible for regularly reviewing the control framework and its effectiveness.

The control framework is an overarching document that along with methodologies, policies and procedures, oversight and accountability mechanisms, and business processes covers the requirements of the European Benchmarks Regulation (BMR). A summary of the main features are set out below:

The control framework describes processes and control activities relating to:

  1. how conflicts of interest are managed and resolved in the business
  2. the integrity and quality of the design, calculation, maintenance and distribution of benchmarks; the automated calculation and distribution of the benchmark; and IT General Controls (“ITGCs”) supporting benchmark calculation, maintenance and distribution processes, including system-enforced password authorisation from two operators.
    1. The ITGCs also include: User access management; systems change control; and Backup procedures.
    2. IBA has a formally documented risk framework, approved by IBA's Board.
  3. whistleblowing: there is a formal whistle-blower policy in place and an annual whistleblowing report is made to the IBA Board.
  4. employee screening: all employees are subject to external screening prior to appointment and then required to complete a probationary period of d. employment which includes training on benchmark production. All employees are subject to annual performance appraisals.

UK Benchmarks Regulation

IBA is authorised and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark and is authorised under the UK Benchmarks Regulation (BMR)

Benchmarks associated with IBA’s BMR authorisation

Historical Data

Click to expand






LIBOR Waterfall Methodology Test Rates



LIBOR Reports

IBA announced on 25 April, 2018 the intended transition of LIBOR panel banks to the Waterfall Methodology. The transition was expected to occur on a gradual basis. IBA did not publish any reports from 25 April, 2018 until the process of transitioning panel banks to the Waterfall Methodology was complete, which was announced on 1 April, 2019.

Click to expand


2021

Weekly Reports


2020

Weekly Reports


2019

Weekly Reports


2018

Quarterly Volume Report

Weekly Reports


2017

Quarterly Volume Report

Weekly Reports


2016

Quarterly Volume Report

Weekly Reports


2015

Quarterly Volume Report

Holiday Calendars

Click to expand