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About ICE Swap Rate®

ICE Swap Rate® (formerly known as ISDAFIX) is recognised as the principal global benchmark for swap rates and spreads for interest rate swaps. ICE Swap Rate is used as the exercise value for cash-settled swaptions, for close-out payments on early terminations of interest rate swaps, for some floating rate bonds and for valuing portfolios of interest rate swaps.

ICE Swap Rate represents the mid-price for interest rate swaps (the fixed leg) in three major currencies (USD, GBP and EUR) and swap spreads (the applicable mid-price minus a corresponding specified government bond yield) in USD in various tenors ranging from 1 year to 30 years at particular specified times of the day.

Currently, IBA publishes ICE Swap Rate benchmarks based on swaps linked to EURIBOR, GBP SONIA, USD SOFR and, until the end of June 2023, USD LIBOR (after which these settings will cease), all using the published ‘Waterfall’ Methodology.

ICE Swap Rate benchmark settings are available under licence from IBA (including for valuation and pricing activities and for use in transactions). Prospective licensees should contact IBA’s licensing team at [email protected] for information on how to obtain a usage licence from IBA.

Please read IBA’s Benchmark and Other Information Notice and Disclaimer.

The use of USD LIBOR ICE Swap Rate settings may be subject to best practice recommendations from regulatory authorities or designated working groups. Please ensure you review such recommendations and take appropriate advice in relation to your use of USD LIBOR ICE Swap Rate settings.

LIBOR® Transition and Consequences for ICE Swap Rate


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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 trademarks of the Bank of England. IBA is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by IBA.