Administering Global Benchmarks and Data Services
ICE Swap Rate®
- ICE Swap Rate® (formerly known as ISDAFIX) is recognised as the principal global benchmark for swap rates for interest rate swaps. The rate is used as the exercise value for cash-settled swaptions, for close-out payments on early terminations of interest rate swaps, for some floating rate bonds and for valuing portfolios of interest rate swaps.
- ICE Swap Rate® represents the mid-price for interest rate swaps (the fixed leg) and swap spreads (the applicable mid-price minus a corresponding specified government bond yield) in various specified currencies and tenors ranging from 1 year to 30 years at particular specified times of the day. Certain versions of the ICE Swap Rate® are also "spread-adjusted," as noted below.
- Currently, ICE Benchmark Administration® Limited (IBA) publishes ICE Swap Rate® benchmarks: (i) based on swaps linked to EUR EURIBOR, EUR €STR, GBP SONIA and USD SOFR; and (ii) based on swap spreads linked to USD SOFR, all using the published ‘Waterfall’ Methodology.
- IBA also publishes USD SOFR Spread-Adjusted ICE Swap Rate® settings determined in line with the methodology suggested by the Alternative Reference Rates Committee (ARRC), and GBP SONIA Spread-Adjusted ICE Swap Rate® settings determined in line with the methodology proposed by the Non-Linear Task Force (NLTF) of the Working Group on Sterling Risk-Free Reference Rates.
- ICE Swap Rate® has been designated as a “critical benchmark” under the UK Benchmarks Regulation and has been specified as a “significant benchmark” under the EU Benchmarks Regulation.
LBMA Gold & Silver Prices
- The LBMA Gold Price and LBMA Silver Price are the global benchmark prices for unallocated gold and silver delivered in London, used as reference prices for gold and silver products and derivatives throughout the precious metals markets worldwide.
- IBA operates electronic auctions for spot, unallocated loco London gold and silver, providing a platform for buyers and sellers to trade.
- The auctions are run at 10:30 and 15:00 London time for gold and at 12:00 London time for silver.
- The final auction prices are published to the market as the LBMA Gold Price AM, the LBMA Gold Price PM and the LBMA Silver Price benchmarks, respectively.
- The LBMA Gold Price has been specified as a “significant benchmark” under the EU Benchmarks Regulation.
ICE Term Reference Rates
- ICE Term Reference Rates are forward-looking term rates published daily by IBA for 1, 3, 6 and 12-month tenors.
- IBA currently publishes ICE Term SONIA Reference Rates (ICE Term SONIA) and ICE Term SOFR Reference Rates (ICE Term SOFR), designed to measure expected SONIA and SOFR rates over the applicable tenor on a daily basis.
- ICE Term Reference Rates are derived using a waterfall calculation methodology, using eligible prices and volumes for specified SONIA and SOFR-linked interest rate derivative products.
ICE RFR Indexes
- ICE Risk Free Rate (RFR) Indexes are a set of risk-free-rate indexes published daily by IBA for SOFR, SONIA, €STR and TONA. Each index provides a daily value representing accrued compound interest relative to a first day value of 100.
- ICE RFR Indexes are designed to address the key operational considerations of lenders and borrowers in risk-free-rate-based loan markets, providing a simple and transparent method for calculating compound interest between any two index dates.
LIBOR®
- All LIBOR® settings have ceased to be published. Please refer to our LIBOR webpage for further information regarding LIBOR cessation.
- Historical LIBOR information is available under licence from IBA (including in relation to valuation and pricing activities and in transactions). Prospective licensees should contact IBA’s licensing team at [email protected] for further information.
- Please also refer to the UK Financial Conduct Authority’s (“FCA”) LIBOR transition website for further information regarding LIBOR transition and cessation, including details regarding the exercise of the FCA’s powers in relation to LIBOR under the UK Benchmarks Regulation.
ISDA SIMM Crowdsourcing Facility
- The ISDA Standard Initial Margin Model (SIMM) is a common methodology developed by ISDA for calculating initial margin requirements for non-centrally cleared derivatives.
- IBA operates a crowdsourcing facility in conjunction with ISDA to support firms that use the ISDA SIMM methodology.
- IBA’s crowdsourcing facility collects and aggregates risk sensitivity data from participating firms to produce consensus risk buckets, which serve as a key input to the ISDA SIMM calculation.
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 Commodity Traceability (ICE CoT) Service
- ICE CoT is designed to support the cocoa and coffee industries in meeting the requirements of the European Union’s regulation relating to deforestation and forest degradation (EUDR), which came into force on June 29, 2023 and is expected to apply for large and medium ‘operators’ from 30 December 2026.
- EUDR will require certain ‘operators’ to undertake due diligence and collect information to show that products being imported into, supplied on, or exported from, the EU market are ‘deforestation-free’, produced in accordance with the ‘relevant legislation of the country of production’, and covered by a ‘due diligence statement’ (each as defined or described in the EUDR).
- ICE CoT facilitates the submission, storing, review, testing and sharing of due diligence information required under the EUDR, including farm plot, lawful production and compliance risk, and physical flow traceability data.
- ICE CoT aims to support the continued trade in compliant cocoa and coffee commodities and products in the EU.
How IBA Operates
IBA combines robust regulatory and governance frameworks with advanced technology to bring credibility and trust to globally important benchmarks. IBA is authorised and regulated by the UK’s Financial Conduct Authority (FCA) to carry out the Regulated Activity of “administering a benchmark”. IBA is required to comply with the FCA's rules for benchmark administrators. IBA is also recognised by the European Securities and Markets Authority as a third country benchmark administrator under Article 32 of the EU Benchmarks Regulation.Statutory Accounts
Annual Report and Financial Statements For the Year Ended 31 December 2025