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ICE Benchmark Administration

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.

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