As a new era for reference rates dawns, the industry is making the shift to alternatives, with implications across the finance landscape. At ICE, we can help you manage the shift to alternative reference rates, with real-time derivatives data, valuations and analytics, futures contracts on all major alternative rates and ICE Benchmark Administration’s preliminary Term Rates for SONIA.

Solutions to support

Futures on alternative rates »

SONIA futures are cash settled STIR futures, based on the average Sterling Overnight Index Average (SONIA). SONIA reflects bank and building societies’ overnight funding rates in the sterling unsecured market. The Secured Overnight Financing Rate (SOFR) is a broad measure of the overnight cost of borrowing cash collateralized by Treasury securities.

U.S. Dollar Reference Rates »

A comprehensive overview of the IBA solutions designed to help stakeholders prepare for transition to new U.S. Dollar interest rate benchmarks.

Derivatives data, valuations & analytics »

Navigate the transition with streaming data on ARR curves including discount factors, forward rates and liquidity metrics. Valuations for interest rate derivatives instruments using ARRs, as well as a solution to view swaps portfolio risks split into IBOR and ARR risk buckets for hedging efficiencies.

Term SONIA Reference Rates »

ICE Term SONIA Reference Rates are designed to measure expected SONIA rates over one, three, six and twelve month tenor periods, based on a Waterfall Methodology using eligible prices and volumes for specified SONIA-linked interest rate derivative products.

RFR Portal »

Designed to be a comprehensive RFR data source for market participants, the RFR Portal includes the ICE RFR Calculator, published and realised average RFR data for SOFR, SONIA, TONA and €STR, and the ICE Term SONIA Reference Rates.

Navigate your transition to alternatives