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.
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 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