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ICE Benchmark Administration

ICE Benchmark Administration ®

Transforming Global Benchmarks

Access to accurate, reliable information is essential to the integrity and everyday functioning of global markets and the economies which they support. Benchmarks 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). This is 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 in the process of being wound-down
  • After December 31, 2021, 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 have ceased to be published
  • IBA expects to continue to calculate and publish the Overnight and the 1-, 3-, 6- and 12-Months USD LIBOR settings using panel bank contributions under the “panel bank” LIBOR methodology until end-June 2023. The Overnight and 12-Months USD LIBOR settings will cease immediately after June 30, 2023
  • The Financial Conduct Authority (“FCA”) has designated the 1-, 3- and 6-Months GBP and JPY LIBOR settings as “Article 23A benchmarks” for the purposes of the UK Benchmarks Regulation (the “BMR”) with effect from January 1, 2022 and is compelling IBA to publish these settings for the duration of 2022. The FCA is requiring IBA to calculate these settings using a changed, “synthetic” methodology. The “synthetic” methodology is not based on panel bank contributions and is not representative of the underlying market or economic reality the setting is intended to measure, including for the purposes of the BMR
  • Under the BMR, new use of “Article 23A benchmarks” by UK-supervised entities in regulated financial contracts, instruments and/or 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 is permitting all legacy use of 1-, 3- and 6-Months GBP and JPY “synthetic” 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 is prohibiting the new use by UK-supervised entities in regulated financial contracts, instruments and/or investment fund performance measurement, of the continuing Overnight and 1-, 3-, 6- and 12-Month 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 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