ICE Benchmark Administration Publishes Test Data for the Evolution of ICE LIBOR
18 March 2018 - 1:15AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of data and
listings services, announces that ICE Benchmark Administration
Limited (IBA) has today published test rates relating to a
three-month testing period during which all 20 LIBOR panel banks
were required to make parallel LIBOR submissions. These parallel
submissions used the evolved waterfall methodology (the “waterfall
methodology”) set out in the ICE LIBOR output statement.
The test rates have been published on the ICE website, alongside
previously published LIBOR using the existing methodology for the
same period.1
The publication follows an announcement on March 13, 2018 that
IBA would publish test rates for LIBOR2 calculated using
submissions made under the waterfall methodology for each of the 35
LIBOR currency and tenor pairs for every applicable London business
day of the testing period.3 The calculations apply the same trimmed
arithmetic mean approach used to calculate LIBOR as it is currently
published.
IBA continues to work on the evolution of LIBOR, with the
intention of transitioning panel banks from the existing LIBOR
methodology to the waterfall methodology, subject to agreement from
the LIBOR Oversight Committee, IBA approvals, other approvals and
steps as necessary or appropriate, and the absence of regulatory
objection. IBA expects to make a further announcement prior to
commencing the transition to the waterfall methodology, if such
conditions have been satisfied.
Further information about IBA and ICE LIBOR can be found on the
ICE website.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 and
Fortune Future 50 company formed in the year 2000 to modernize
markets. ICE serves customers by operating the exchanges, clearing
houses and information services they rely upon to invest, trade and
manage risk across global financial and commodity markets. A leader
in market data, ICE Data Services serves the information and
connectivity needs across virtually all asset classes. As the
parent company of the New York Stock Exchange, the company raises
more capital than any other exchange in the world, driving economic
growth and transforming markets.
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 at
http://www.intercontinentalexchange.com/terms-of-use. 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, 2017, as
filed with the SEC on February 7, 2018.
1 The test rates are historical, relate to a three-month testing
period and are provided for information purposes only. Historical
data may not be indicative of future data, and none of the data is
intended to constitute any invitation or inducement to engage in
any investment activity. Neither IBA, ICE nor any of its or their
affiliates will be liable to any person in connection with this
data.2 The test rates calculated using the waterfall methodology
are referred to in this press release as LIBOR for convenience,
even though they are not calculated and published as LIBOR by
reference to the existing LIBOR submission question. The test
submissions used to calculate the test rates are similarly referred
to as LIBOR submissions.3 The testing period ran between September
15 and December 15, 2017.
SOURCE: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: http://www.businesswire.com/news/home/20180317005001/en/
Intercontinental ExchangeMedia Contact:Claire
Millerclaire.miller@theice.com+44 207 065 7745orInvestor
Contact:Warren
Gardinerwarren.gardiner@theice.com770-835-0114
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