ICE Benchmark Administration Launches U.S. Dollar SOFR ICE Swap Rate® for Use as a Benchmark
09 November 2021 - 12:05AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of data, technology, and market infrastructure, today
announced that ICE Benchmark Administration Limited (IBA) has
launched its U.S. dollar SOFR ICE Swap Rate® for use as a benchmark
in financial contracts and financial instruments by licensees.
The launch of the U.S. dollar SOFR ICE Swap Rate benchmark
follows the successful publication of U.S. dollar SOFR ICE Swap
Rate settings on an indicative, ‘Beta’ basis since October 1,
2021.
“We are launching SOFR ICE Swap Rate today to help the U.S.
dollar non-linear derivatives market in its ongoing transition to
SOFR”, said Tim Bowler, President of ICE Benchmark
Administration.
The U.S. dollar SOFR ICE Swap Rate settings are available for
the same tenors and published at the same time as the current U.S.
dollar LIBOR ‘1100’ ICE Swap Rate benchmark. They are available
here alongside IBA’s other ICE Swap Rate benchmark runs covering
Euro, Sterling and U.S. dollar currencies in tenors ranging from
one to 30 years. U.S. dollar SOFR ICE Swap Rate settings are
determined in accordance with the published ICE Swap Rate
‘Waterfall’ methodology, using eligible input data in respect of
SOFR-linked interest rate swaps.
The settings are being provided for use as a benchmark by
licensees on and subject to the terms of their current U.S. dollar
ICE Swap Rate licensing agreements.
IBA continues to publish indicative, ‘Beta’, U.S. dollar SOFR
Spread-Adjusted ICE Swap Rate settings, determined in line with the
methodology suggested by the Alternative Reference Rates Committee
(ARRC) in its paper “Suggested Fallback Formula for the USD LIBOR
ICE Swap Rate”, for an initial testing period. These settings are
being provided solely for information and illustration purposes in
order to enable recipients to evaluate the settings and provide
feedback, and are not intended for, and IBA expressly prohibits
their use for, any other purpose, including as a reference, index
or benchmark in financial instruments, financial contracts, or
investment funds. IBA will announce in due course when the U.S.
dollar SOFR Spread-Adjusted ICE Swap Rate settings will be made
available for use in financial contracts and financial
instruments.
About ICE Benchmark Administration
ICE Benchmark Administration 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 UK Benchmarks Regulation. IBA reserves all
rights in the ICE Swap Rate methodology and the ICE Swap Rate
settings, including the U.S. dollar SOFR ICE Swap Rate and ‘Beta’
U.S. dollar SOFR Spread-Adjusted ICE Swap Rate settings. ICE, ICE
Swap Rate and ICE Benchmark Administration are trademarks of IBA
and/or its affiliates. IBA is not affiliated with the New York Fed.
The New York Fed does not sanction, endorse, or recommend any
products or services offered by IBA.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate
exchanges, including the New York Stock Exchange, and
clearing houses that help people invest, raise capital and
manage risk across multiple asset classes. Our comprehensive fixed
income data services and execution capabilities provide
information, analytics and platforms that help our customers
capitalize on opportunities and operate more efficiently. At ICE
Mortgage Technology, we are transforming and digitizing the
U.S. residential mortgage process, from consumer engagement through
loan registration. Together, we transform, streamline and automate
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, 2020, as
filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211108005646/en/
ICE Media Contact: Rebecca Mitchell
Rebecca.Mitchell@ice.com +44 7951 057 351 ICE Investor
Contact: Mary Caroline O’Neal marycaroline.oneal@ice.com (770)
738-2151
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From Feb 2024 to Mar 2024
Intercontinental Exchange (NYSE:ICE)
Historical Stock Chart
From Mar 2023 to Mar 2024