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ICE Benchmark Administration

ICE Benchmark Administration®

Administering 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 an experienced administrator of systemically important benchmarks, ICE Benchmark Administration (IBA) has established comprehensive and robust governance and oversight functions to ensure high standards of data collection, calculation, publication and surveillance across IBA’s benchmarks and other services.

Please read IBA’s benchmark and other information notice and disclaimer

Administering Global Benchmarks and Data Services


LIBOR®

  • LIBOR® is in the process of being wound down.
  • 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 30 June 2023, at which point panel banks will stop contributing and the Overnight and 12-Months USD LIBOR settings will cease.
  • Further to its November Consultation, the UK Financial Conduct Authority (the "FCA") has decided to use its powers under the UK Benchmarks Regulation (the "BMR") to compel IBA to continue to publish the 1-, 3- and 6-Months USD LIBOR settings under an unrepresentative "synthetic" methodology for a temporary period after 30 June 2023, and intends for these settings to cease on 30 September 2024.
  • The FCA has also decided to continue to compel IBA publish the 3-Months GBP LIBOR setting using an unrepresentative "synthetic" methodology for the duration of 2023, and intends to require IBA to continue to publish this setting until 28 March 2024, after which it will cease.
  • All other LIBOR settings have ceased publication.
  • Since 1 January 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 FCA designated the 3-Months GBP LIBOR setting as an "Article 23A benchmark" for the purposes of the BMR with effect from 1 January 2022, and has also decided to designate the 1-, 3- and 6-Months USD LIBOR settings in the same manner with effect from 1 July 2023. Under the BMR, use of an "Article 23A benchmark" by UK-supervised entities in regulated financial contracts, instruments and investment fund performance measurement is prohibited unless the start date of such prohibition is delayed by the FCA or the FCA permits some or all legacy use. This includes any "synthetic" GBP or "synthetic" USD LIBOR setting. This prohibition will take effect from 1 July 2023 in relation to the “synthetic” USD LIBOR settings and will override the aforementioned exceptions to the prohibition on the new use of USD LIBOR that was imposed by the FCA from 1 January 2022.
  • The FCA has permitted all legacy use of "synthetic" 3-Months GBP LIBOR by UK-supervised entities other than in "Cleared Derivatives" (whether directly or indirectly cleared), and has decided to permit all legacy use of "synthetic" 1-, 3- and 6-Months USD LIBOR in the same circumstances.
  • 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.

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 capitalised, 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