ICE Benchmark Administration
Transforming Global Benchmarks and Data Services
Access to accurate, reliable information is essential to the integrity and everyday functioning of global markets and the economies which they support. Benchmarks and other data 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), and a verified carbon credit reference data service, designed to support carbon credit market participants throughout the trading lifecycle. These data services are 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.
Administering Global Benchmarks and Services
LIBOR®
- LIBOR® is now in the process of being wound down.
- Publication of all CHF and EUR LIBOR settings, the 1 Week and 2 Months USD LIBOR settings, and the Overnight/Spot Next, 1 Week, 2 Months and 12 Months GBP and JPY LIBOR settings ceased after December 31, 2021.
- Publication of the Overnight and the 1-, 3-, 6- and 12-Months USD LIBOR settings currently continues using panel bank contributions under the “panel bank” LIBOR methodology. IBA expects to continue to determine and publish these settings on this basis until end-June 2023, at which point panel banks will stop contributing and the Overnight and 12-Months USD LIBOR settings will cease.
- In light of feedback received in respect of its June consultation, the Financial Conduct Authority (the “FCA”) has consulted on using its powers under the UK Benchmarks Regulation (the “BMR”) to compel IBA to continue to publish the 1-, 3- and 6-month USD LIBOR settings under an unrepresentative “synthetic” methodology for a temporary period after end-June 2023 until end-September 2024.
- The FCA designated the 1-, 3- and 6-Months GBP and JPY LIBOR settings as “Article 23A benchmarks” for the purposes of the BMR with effect from January 1, 2022, and compelled IBA to publish these settings for the duration of 2022. The FCA required IBA to calculate these settings using a changed, “synthetic” methodology. The “synthetic” methodology is not based on panel bank contributions and the resulting settings are not representative of the underlying market or economic reality they were intended to measure before designation as “Article 23A benchmarks”, including for the purposes of the BMR.
- Following the results of a consultation, the FCA announced that it has decided to require IBA to continue to publish 1- and 6-Months “synthetic” GBP LIBOR settings until March 31, 2023. The FCA also announced that it has no intention to use its powers to compel IBA to continue to publish these settings beyond this date, and therefore the 1- and 6-Months “synthetic” GBP LIBOR settings will permanently cease immediately after final publication on March 31, 2023.
- The FCA has also decided to require IBA to continue to publish the 3 Months “synthetic” GBP LIBOR setting for the duration of 2023, and has stated that it intends to require IBA to continue to publish this setting until end-March 2024, after which it would permanently cease.
- Publication of the 1-, 3- and 6-Months “synthetic” JPY LIBOR settings ceased after 30 December 2022.
- Under the BMR, new use of “Article 23A benchmarks” by UK-supervised entities in regulated financial contracts, instruments and investment fund performance measurement is prohibited. This includes the “synthetic” 1-, 3- and 6-Months GBP and JPY LIBOR settings. Legacy use of these settings in equivalent circumstances is also prohibited, unless permitted by the FCA. The FCA permitted all legacy use of “synthetic” 1-, 3- and 6-Months GBP and JPY LIBOR by UK-supervised entities other than in “Cleared Derivatives” (whether directly or indirectly cleared) (as defined in the FCA’s BMR Article 23C notice)
- From January 1, 2022, the FCA has prohibited the new use by UK-supervised entities in regulated financial contracts, instruments and investment fund performance measurement, of the continuing Overnight and 1-, 3-, 6- and 12-Months USD LIBOR settings, subject to certain exceptions.
- The use of LIBOR in jurisdictions outside the United Kingdom and by entities subject to the oversight of other regulatory authorities may be restricted or prohibited by law in those jurisdictions and by the requirements of such regulatory authorities.
- Please refer to our LIBOR webpage for further information.
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
- Launched the GBP SONIA ICE Swap Rate, the GBP SONIA Spread-Adjusted ICE Swap Rate and the USD SOFR ICE Swap Rate
- Currently testing the USD SOFR Spread-Adjusted ICE Swap Rate
- After December 31, 2021, all GBP LIBOR ICE Swap Rate settings have ceased to be published
- Following a consultation, IBA has announced that publication of all USD LIBOR ICE Swap Rate benchmark “runs” (i.e. USD LIBOR Rates 1100, USD LIBOR Spreads 1100 and USD LIBOR 1500) for all tenors will cease immediately after publication on June 30, 2023
- 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 section on our ICE Swap Rate webpage headed “LIBOR Transition: Consequences for the ICE Swap Rate” and our LIBOR webpage.
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. Treasuries 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 platformIBA, 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 Reference Rates
- Developed and launched forward-looking ICE Term SONIA Reference Rates (TSRR) and forward-looking ICE Term SOFR Reference Rates (ICE Term SOFR) for 1, 3, 6 and 12-month tenors
- Designed to measure, on a daily basis, expected (i.e. forward-looking) SONIA and SOFR rates over 1, 3, 6 and 12-month periods
- Derived using a waterfall calculation methodology, using eligible prices and volumes for specified SONIA and SOFR-linked interest rate derivative products
ICE RFR Indexes
- Launched a set of Risk Free Rate Indexes, for SOFR, SONIA, €STR and TONA, providing daily values that represent accrued compound interest, relative to the first day value of 100
- Developed to help address the key operational considerations of lenders and borrowers of RFR-based loans, the index values are designed to provide a simple method for calculating compound interest between any two index dates, allowing parties to agree transparently on interest accruals
ICE Carbon Reference Entity Data Service (ICE CRED)
- For the carbon credit markets to continue to grow in a scalable and sustainable way, standardised, reliable and robust reference data that can be widely used and adopted by market participants is required.
- ICE CRED is designed to support carbon credit market participants throughout the trading lifecycle, providing the opportunity to reduce operational risk and cost and promote greater scalability in their carbon credit trading operations.
- IBA imports data in respect of carbon credits from registries daily, and uses organisational data management to normalise, standardise and aggregate the data.
- ICE CRED is available from multiple access points in a digital standardised format via ICE’s SFTP server, ICE Chat and ICE’s web Report Center.
ICE U.S. Dollar Inflation Expectations Index Family
After years of remaining low and stable, inflation has become a key consideration for market participants and policy makers. Over the past year the Consumer Price Index in the United States rose by more than 7.00% and the future path of inflation remains highly uncertain. The key questions on stakeholders’ minds now are:
- If/when inflation will moderate in the near term; and
- Have longer term inflation expectations moved structurally higher post the pandemic?
The answers to these questions will materially impact how monetary policy unfolds in the coming quarters and will certainly impact asset prices in the financial markets.
To help gauge future inflation expectations and inform policy and risk management decision making, ICE Benchmark Administration (IBA) has launched the ICE U.S. dollar Inflation Expectations Index Family.
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.
Statutory Accounts
Annual Report and Financial Statements For the Year Ended 31 December 2022
Annual Report and Financial Statements For the Year Ended 31 December 2021
Annual Report and Financial Statements For the Year Ended 31 December 2020
Annual Report and Financial Statements For the Year Ended 31 December 2019