ICE Benchmark Administration (IBA) is authorised and regulated by the UK’s Financial Conduct Authority (FCA) to carry out the Regulated Activity of “administering a benchmark”.
IBA has a majority independent board, comprised of both independent non-executive and executive directors.
IBA also maintains oversight committees for its benchmarks, which include representation from the market, industry bodies, benchmark contributors and infrastructure providers. See our individual benchmark pages for further details on our oversight committees.
IBA is a private company limited by shares, registered in England with company number 08457573. IBA’s registered office is at Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom.
IBA has published a Statement of Compliance with the EU Benchmarks Regulation and Benchmark methodologies, including in respect of ICE Swap Rate, and Ernst & Young LLP has externally reviewed and provided assurance in respect of this Statement. Please note that, from April 27, 2018 to December 31, 2020, IBA was authorized as a benchmark administrator under the EU Benchmarks Regulation (the “EU BMR”). Following the conclusion of the transition period in relation to the withdrawal of the UK from the EU, commonly referred to as “Brexit”, which ended at 11:00 pm on December 31, 2020, IBA ceased to be authorised as a benchmark administrator under the EU BMR and is now authorised as a benchmark administrator under the UK Benchmarks Regulation (the UK legislation and rules onshoring the majority of the EU BMR following Brexit, as amended, the “UK BMR”). Benchmarks provided by IBA may continue to be used by supervised entities in the EU under EU BMR transitional provisions.
IBA has developed and implemented a control framework for the design, calculation, maintenance and distribution of the benchmarks it administers. The control framework is formally documented and the IBA Board is responsible for regularly reviewing the control framework and its effectiveness.
The control framework is an overarching document that along with methodologies, policies and procedures, oversight and accountability mechanisms, and business processes covers the requirements of the European Benchmarks Regulation (BMR). A summary of the main features are set out below:
The control framework describes processes and control activities relating to:
IBA is authorised and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark and is authorised under the UK Benchmarks Regulation (BMR)