ICE Benchmark Administration Provides Update Regarding the Cessation of Sterling LIBOR®
29 2월 2024 - 10:30PM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, today announced that ICE Benchmark
Administration Limited (IBA), the authorized and regulated
administrator of LIBOR®, has provided an update regarding the
cessation of sterling LIBOR.
In line with feedback from its June 2022 consultation and
previous statements, the U.K. Financial Conduct Authority (FCA) has
used its powers under the U.K. Benchmarks Regulation (U.K. BMR) to
require IBA to publish the 3-Month sterling LIBOR setting using an
unrepresentative “synthetic” methodology until March 28, 2024. The
FCA has stated that it has no intention to require publication
beyond then and that this setting will cease after publication on
that date.
IBA is also currently required by the FCA to continue to publish
the 1-, 3- and 6-Month “synthetic” U.S. dollar LIBOR settings. The
FCA has stated that it intends to require IBA to publish these
settings until September 30, 2024, but not beyond that date, when
it expects publication to cease.
All other LIBOR settings have ceased to be published.
“Synthetic” LIBOR settings that are required to be published under
a “synthetic” methodology are not representative of the underlying
market or economic reality the setting was intended to measure
prior to such requirement.
The use of “synthetic” LIBOR settings by U.K. supervised
entities is prohibited under the U.K. BMR, subject to the FCA
permitting use by U.K. supervised entities in legacy contracts
other than cleared derivatives.
Users of LIBOR settings should take appropriate legal and
regulatory advice in all relevant jurisdictions to ensure they
understand and are prepared for the impact of the cessation or
unrepresentativeness of any LIBOR settings on them and their
counterparties under any applicable legislation or regulation,
financial contracts, financial instruments and other
arrangements.
Please see IBA’s LIBOR webpage and the FCA’s LIBOR transition
webpage for further information.
About ICE Benchmark Administration
ICE Benchmark Administration Limited is authorized and regulated
by the Financial Conduct Authority for the regulated activity of
administering a benchmark and is authorized as a benchmark
administrator under the U.K. Benchmarks Regulation. LIBOR and ICE
Benchmark Administration are registered trademarks of ICE Benchmark
Administration Limited and/or its affiliates.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology, we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines and automates industries to connect our customers to
opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240229583196/en/
ICE Media Contact: Jess Tatham jess.tatham@ice.com
+44 7377 947136
ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
Intercontinental Exchange (NYSE:ICE)
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Intercontinental Exchange (NYSE:ICE)
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