Intercontinental exchange Archives

Intercontinental Exchange and the NYSE Launch ‘Insights’

February 16, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: entrepreneurs, GoDaddy Inc, Intercontinental exchange, New York Stock Exchange, NYSE Launch, NYSE Trading Floor, Philip Krim, The ICE

New thought leadership platform encourages followers to watch, listen and explore how entrepreneurs and innovators are transforming industries and shaping the future.

ATLANTA & NEW YORK–(BUSINESS WIRE)– Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, and the New York Stock Exchange (NYSE), a wholly owned subsidiary of ICE, today launched the new Insights content platform, an online gateway to inspiring conversations with top global business leaders, entrepreneurs and innovators, featuring:

SLICE, a new weekly series showcasing conversations with entrepreneurs and CEOs that will air on Cheddar Business, the post-cable network that broadcasts daily on the NYSE Trading Floor.
WALK THIS WAY, a new 10-part series where CEOs take you inside their headquarters to show viewers how they are building workspaces of the future.
RADIATE, the micro-lesson video platform founded by NYSE Executive Vice Chairman Betty Liu in 2016 to empower emerging leaders with expert advice. RADIATE officially relaunches in a subscription-free format.
INSIDE THE ICE HOUSE, a podcast that features conversations with leaders, entrepreneurs and visionaries who walk through the doors of the NYSE with a dream of building businesses and changing the world.
Betty Liu

“ICE and the NYSE are the home to the world’s greatest business leaders and innovators,” said NYSE Executive Vice Chairman Betty Liu. “Through our new Insights content platform, we want to share their incredible stories and bring viewers behind the scenes of our global community. Our mission is to inspire budding entrepreneurs and next-generation leaders as they change the world.”

Insights builds upon the NYSE’s existing visibility platform, which includes more than 35 in-house media outlets and social media channels reaching millions of followers.

Content that Informs and Inspires

Launching today, SLICE is a new interview show on Cheddar Business that will air Wednesday mornings between 8-10 AM ET, coinciding with the NYSE Opening Bell. Branded “SLICE” because of the collaboration between ICE and Cheddar, the new series will unearth what entrepreneurs and disruptive brands are doing to change our way of life and our future. In early episodes, Liu will be joined by guests such as General Motors Company Chairman and CEO, Mary Barra, designer Rebecca Minkoff, and Porsche Cars North America, Inc. President and CEO, Klaus Zellmer, among others.

Cheddar Business, which broadcasts live every day from the NYSE Trading Floor, reaches more than 10 million viewers and is available on Sling TV, DirecTV NOW, Hulu, YouTube TV, Sony PlayStation Vue, Snapchat, fuboTV, Philo, Amazon, Twitch, Twitter, 60 percent of smart TVs in the U.S., and Facebook.

Launching on February 21, WALK THIS WAY is a digital-first program that shadows CEOs inside their headquarters, offering a first-person view of how they are building dynamic workspaces. The 10-episode series will be distributed to viewers via the NYSE’s network of more than three million followers on Twitter, Instagram, Facebook and LinkedIn. The new program will follow business leaders such as GoDaddy Inc. CEO, Scott Wagner and Casper CEO, Philip Krim.

Insights will also serve as the new home to RADIATE, the company Liu founded in 2016 to empower emerging leaders with expert advice. RADIATE provides a library of more than 2,000 short-length career development video lessons taught by over 100 global CEOs and thought leaders.

Rounding out the conversations is INSIDE THE ICE HOUSE, the popular and thought-provoking podcast from Intercontinental Exchange, which has posted over 80 long-form episodes in its first full year of production.

For more information on the New York Stock Exchange, click here.

Intercontinental Exchange Announces Further Record Trading in TTF Natural Gas and JKM LNG (PLATTS) Contracts

February 8, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: energy markets, Intercontinental exchange, JKM LNG, JKM LNG (Platts) contracts, natural gas benchmarks, record trading, The ICE, TTF Natural Gas, Utility Markets

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced further record trading in TTF Natural Gas and JKM LNG (Platts) contracts.

On January 30, 2019, TTF futures hit an open interest (OI) record of 1.04m lots. TTF futures and options combined achieved monthly volume of 952.4 TWh in January. Average daily volume (ADV) and OI in TTF futures and options combined are up 103% and 64%, respectively, in January 2019, versus January 2018.

JKM LNG (Platts) futures traded a record 25,605 lots in January, an increase of 22% compared to the previous record of 20,916 lots set in November 2018. JKM LNG (Platts) hit an OI record on February 4, 2019, of 26,928 lots. ADV and OI in JKM LNG (Platts) are up 176% and 123%, respectively, in January 2019, versus January 2018. ICE reports OI net in line with standard industry practice.

As announced in Circular 19/012, ICE will launch JKM LNG (Platts) Average Price Options on March 4, 2019, subject to the satisfactory conclusion of applicable regulatory processes.

“Europe’s vast energy infrastructure and geographical location allow it to provide a unique role as a balancing market for LNG. TTF and NBP are the two most liquid European natural gas benchmarks and, with its continued record trading activity, TTF is transforming into a global natural gas benchmark,” said Gordon Bennett, Managing Director, Utility Markets at Intercontinental Exchange. “JKM LNG (Platts) is one of the fastest growing natural gas benchmarks and has established itself as the most liquid Asian natural gas benchmark”.

As home to the broadest range of natural gas benchmarks, ICE plays a leading role in providing access to price transparency and data to allow the market to navigate and risk manage the globalization of natural gas and the ongoing transition in energy markets.

NYSE Parent, Intercontinental Exchange (ICE) Reports Strong Revenue Growth in 2018, Consolidated Revenue at $4.9 Bn, an Increase of 14.1% Y-o-Y

February 8, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, Brokers, Capital Markets, financial services, Intercontinental exchange, investment, Jeffrey Sprecher, NYSE, trading platform

Intercontinental Exchange (ICE), the parent of the New York Stock Exchange (NYSE) has released its financial results for the final quarter ending December 2018 and for the full year 2018.

Overall, the exchange reported solid growth during the year marking the 13th consecutive year to deliver record revenues. For the fourth quarter ending December 2018, the consolidated net revenue was $1.31 billion, representing an increase of 14 per cent year-on-year.

During the quarter, the revenue from trading and clearing contributed $657 million, representing a jump of 27 per cent year-over-year. The fixed income and credit revenue was $83 million, up by 152 per cent from $32 million in the fourth quarter in 2017. The cash and equity options revenue during the fourth quarter also increased by 35 per cent year-on-year to $93 million from $70 million in the fourth quarter of 2017.

Taking a look at the full year performance, the total consolidated net revenues during the period increased to $4.9 billion, a growth of 7.4 per cent year-on-year. Breaking up the revenue, trading and clearing segment contributed $1.3 billion in revenue, an increase of 14.1 per cent year-on-year. The fixed income and credit revenue came in at $240 million, increased by an impressive 72 per cent from $139 million. Cash equities and equity options revenue witnessed an increase of 14 per cent to $327 million from $287 million in 2017.

Also, the company generated record cash flow in 2018, allowing it to return shareholders approximately $1.8 billion in the capital, highest ever in the company’s history.

Commenting on the quarterly performance, ICE Chairman & Chief Executive Officer, Jeffrey Sprecher said:

“2018 marked our 13th consecutive year of record revenues – a track record directly attributable to customer demand for our risk management solutions and the investments we’ve made to enhance our technology, expand our content and broaden our distribution.”

“As we look to 2019, we remain focused on bringing mission-critical solutions to our customers and delivering value to our stockholders.”

The company also provided guidance for the first quarter of 2019 with data revenue estimated between $540 million and $545 million and for the full year, it is estimated between $2.19 billion and $2.24 billion.

Intercontinental Exchange Announces Record Trading Volume for ICE Permian WTI Crude Oil Futures

February 4, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: clearing houses, daily trading volume, exchanges, ICE block design, ice data services, ICE Permian, Intercontinental exchange, New York Stock Exchange, Record Trading Volume, WTI Crude Oil

Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced a daily trading volume record for ICE Permian WTI Crude Oil Futures (HOU) of 1,953 contracts yesterday. That compares to a previous record of 1,304 lots reached on January 7, 2019.

Open interest for the contract rose yesterday to 2,255 contracts, an increase of 625 lots from the day before, and near the recent high of 2,625 on January 18, 2019. ICE also recently completed its largest delivery for the January 2019 contract of 660,000 barrels of oil. The first expiry, for the December 2018 contract, resulted in 200,000 barrels delivered.

“With the enhancements we recently announced including new delivery terminals, a new storage futures contract and additional crude quality data, we’re pleased to see increasing commercial interest for our futures contract,” said Jeff Barbuto, ICE’s Global Head of Oil Sales and Business Development. “While the increase in volume is great to see, the consistent growth in open interest, and the success we’ve seen with the first two deliveries, is the best indicator that there is real commercial interest in this contract.”

ICE is home to the world’s global crude and refined oil markets. Around half of the world’s oil futures are traded on ICE’s markets, including futures and options on the global benchmark ICE Brent crude, the U.S. benchmark West Texas Intermediate (WTI) crude, the Middle Eastern and Asian benchmark ICE Platts Dubai crude oil, Gasoil, Heating Oil and RBOB Gasoline, as well as hundreds of additional grades and oil products.

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.

ICE Reports 20% Growth in Q4′ 2018 Average Daily Volume

January 6, 2019 by Ricardo Esteves Leave a Comment Filed Under: Exchange News, Industry News Tagged: ADV, average daily trading, Ben Jackson, Equity Options, ICE Reports, Intercontinental exchange, open interest

Intercontinental Exchange has reported average daily trading growth by 20% year-on-year in the fourth quarter of 2018, including record futures ADV with open interest up by 10% YoY.

The leading operator of global exchanges and clearing houses and provider of data and listings services is celebrating a number of records broken in 2018, which include 2018 gasoil ADV up by 10% year on year and 2018 TTF gas ADV up by 23% YoY.

Ben Jackson, President of Intercontinental Exchange, commented:

“We are pleased to report another record year for ICE volumes in 2018. Fourth quarter volumes were up 20% versus the prior year period, and open interest continues to build increasing 10% versus the fourth quarter of 2017. We saw new records across our commodity and financial markets reflecting how, in times of heightened volatility and uncertainty, market participants turn to our liquid and diverse markets to manage and hedge their risk.”

The report includes the following highlights:

Record 2018 and 4Q18 emissions ADV up 72% y/y and 72% y/y, respectively
Record 2018 WTI ADV up 5% y/y
Record 2018 interest rate ADV up 14% y/y
Record 2018 and 4Q18 Sterling ADV up 9% y/y and 29% y/y, respectively
Record 2018 and 4Q18 Gilt ADV up 27% y/y and 41% y/y, respectively
Record 4Q18 and December MSCI ADV up 56% y/y and 35% y/y, respectively
Record 2018 ags & metals ADV up 14% y/y
4Q18 NYSE cash equities ADV up 45% y/y; December ADV up 59% y/y
4Q18 equity options ADV up 44% y/y; December ADV up 46% y/y
4Q18 CDS gross notional cleared up 63% y/y

Most recently, the company made the news for its U.S.-based credit default swap (CDS) clearing house ICE Clear Credit which has been granted Recognised Clearing House status from the Monetary Authority of Singapore with effect from December 7, 2018.

In September, ICE announced ICE Data Services started to offer an on-demand tick data and analytics service, utilizing OneMarketData’s OneTick platform. This service will be provided over the ICE Consolidated Feed, which delivers aggregated real-time data and content from over 600 global sources. ICE Data Services will be the exclusive third-party distributor for this hosted service.

Intercontinental Exchange Announces Launch of Marine Fuel Contracts in Advance of IMO 2020

December 18, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: economy, ICE, ICE Brent, IMO 2020, Intercontinental exchange, marine fuel, Marine Fuel Contracts, market, market participants

LONDON & NEW YORK–(BUSINESS WIRE)– Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced plans to launch new Marine Fuel contracts in advance of the implementation of the 0.5% sulphur cap by the International Maritime Organization (IMO) in 2020. The new contracts are expected to launch on February 4, 2019, subject to completion of relevant regulatory processes.

ICE’s new futures contracts will settle against S&P Global Platts physical marine fuel 0.5% assessments. The contracts are as follows:

Fuel Oil Outright – Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Future
Fuel Oil Outright – Marine Fuel 0.5% FOB Singapore (Platts) Future
Fuel Oil Diff – Marine Fuel 0.5% FOB Rotterdam Barges (Platts) vs 3.5% FOB Rotterdam Barges (Platts) Future
Fuel Oil Diff – Marine Fuel 0.5% FOB Singapore (Platts) Future vs 380 CST Singapore (Platts) Future
Fuel Oil Outright – Marine Fuel 0.5% FOB USGC Barges (Platts) Future
Fuel Oil Diff – Marine Fuel 0.5% FOB USGC Barges (Platts) vs USGC HSFO (Platts) Future

The new contracts have been developed in response to significant market demand in advance of the IMO regulation limiting sulphur emissions from shipping bunker fuel from January 2020. The new regulation requires that ships will only be able to use fuel oil with a maximum sulphur content of 0.5% (mass/mass) outside designated emission control areas.

“Our customers have expressed a strong desire for Marine Fuel 0.5% specific derivative contracts and our new contracts will allow market participants to hedge forward positions in an industry which today consumes more than three million barrels per day of high sulphur fuel oil,” said Jeff Barbuto, Vice President of Oil Markets at ICE. “The contracts will operate alongside ICE’s benchmark Low Sulphur Gasoil futures, fuel oil and LNG markets providing customers with a range of hedging tools to assist with the transition to the new regulations in 2020,” Barbuto added.

ICE Low Sulphur Gasoil is the key refined oil benchmark in Europe and Asia. Gasoil futures and options grew 11% in the period January to November 2018 versus the same period in 2017. The contract has become the go-to price marker for the middle part of the refined barrel and the world’s leading middle distillate benchmark for the oil market. ICE Low Sulphur Gasoil is an important and efficient hedging and trading mechanism, providing market participants with access to a range of products in a single contract and plays the same role for middle distillate oil that ICE Brent Crude plays for the crude oil market.

ICE is home to a global natural gas complex, which includes ICE JKM LNG (Platts), which has become the benchmark for natural gas in the Asian region. ICE offers the broadest range of natural gas benchmarks across the US, Canada, Europe and Asia. Half of the world’s oil and refined futures are traded on ICE’s markets, including futures and options on the global benchmark ICE Brent, the U.S. benchmark West Texas Intermediate (WTI) crude, ICE Permian WTI Futures , the Asian benchmark Platts Dubai crude, Heating Oil and RBOB Gasoline, as well as more than 500 additional grades and oil products.

ICE Clear Credit Receives Recognised Clearing House Status From the Monetary Authority of Singapore

December 13, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: CDS contracts, clearing houses, counterparty risk, ICE, ICE Clear Credit, Intercontinental exchange

ICE logo large ATLANTA & NEW YORK–(BUSINESS WIRE)– Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced that ICE Clear Credit, ICE’s U.S.-based credit default swap (CDS) clearing house, has been granted Recognised Clearing House status from the Monetary Authority of Singapore with effect from December 7, 2018.

With this recognition, ICE Clear Credit becomes the first global CDS clearinghouse to be recognized in Singapore and now has the authority to on-board clearing members from Singapore for clearing of CDS contracts.

Stan Ivanov

“I would like to thank the Monetary Authority of Singapore for this recognition,” said Stan Ivanov, President of ICE Clear Credit. “ICE Clear Credit is now the first global clearinghouse for credit default swaps in Singapore meaning that it can now have clearing members from Singapore and further serve our customers in the region. Singapore is the hub for our Asian business and this recognition will help us to expand our offering to customers across Asia and Australia.”

Launched in 2009, ICE Clear Credit and ICE Clear Europe CDS clearing solutions offer clearing for more than 500 single name and 160 index CDS instruments based on corporate and sovereign debt, and have reduced counterparty risk exposure by clearing approximately $110 trillion in gross notional amount, with open interest of approximately $1.6 trillion. ICE Clear Credit is recognized as a third-country CCP under the European Market Infrastructure Regulations by the European Securities and Markets Authority for products regulated by the Commodity Futures Trading Commission.

About Intercontinental Exchange

FIA and FIA Tech Release Guidelines for the Simplified Execution Source Code

December 13, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: CME group, Eurex Group, exchanges, FCM, FIA, FIA Tech, Intercontinental exchange, market participants, services, Source Code

Washington, DC – Today, FIA together with affiliate FIA Tech, announced new technical guidelines for firms to properly identify the correct brokerage when executing and clearing exchange traded derivatives.

With the proliferation of execution services, platforms and providers there is increased need for clarity in how to communicate a trade’s execution method through industry standard codes. Brokerage discrepancies are one of the largest causes of operational friction in the reconciliation of exchange traded derivatives, and lack of standardization has created significant costs for clearing firms and their clients. By working with FIA’s membership as well as FIA Tech’s global customer base, the industry has devised standard codes for commonly used execution methods (view summary and full guidelines).

The guidelines reflect common industry practice regarding different types of execution, providing both a simple model (“high touch” and “low touch”) and a more complex model including sponsored access, third-party trading screens, and third-party premium algorithmic trading providers. Firms can implement the guidelines within vendor solutions to identify the correct brokerage rate at point of origin to ensure timely and accurate settlement.

As part of the initiative, all of FIA Tech’s services will utilize the new guidelines and FIA Tech anticipates a 10 percent to 20 percent improvement in straight-through processing across its customer base, creating significant efficiencies for clearing firms and their clients.

At launch, the published guidelines are supported by CME Group, Intercontinental Exchange and Eurex Group. Other exchanges are expected to join.

“We’re pleased to see the industry come together to address this long-standing industry problem,” said Nick Solinger, President and CEO, FIA Tech. “Our executing and clearing customers are very supportive of this initiative as it will reduce operational cost across the industry, to the benefit of all market participants and clients.”
“Working together with a broad slate of buy side and sell side firms, CCPs, trading system vendors and fund administrators, the revised guidelines being issued by the FIA serve to recommit several industry participants to providing crucial information about the execution method of futures trading in order to provide certainty of brokerage fees throughout the entire workflow. When adopted by FCMs and CCPs, consumed by execution platforms, order management systems, and fund administrators, all participants in the work flow will benefit by the clear reference to brokerage rates in their brokerage agreements,” said Erik Barry, Head of Client Platform for Prime Derivative Services at Credit Suisse.
“As more and more customers use give-up agreements for execution across different brokers, the guidelines represent an important step forward for accurate tagging of brokerage rates on trade date. There is a real desire within the industry to address this issue, and the guidelines will help market participants achieve the goal of having the correct brokerage tagged on an order through execution, give-up and clearing,” said Greg Wood, Senior Vice President, Global Industry Operations and Technology, FIA.

ICE Data Services Selected as the New Benchmark Provider for Blackrock Ishares U.S. Preferred Stock WTF

December 9, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: Blackrock iShares, ETF, ICE Data Indices, ice data services, ICE Exchange, Intercontinental exchange, Stock WTF, The ICE

ATLANTA & NEW YORK–(BUSINESS WIRE)– Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Data Services has been selected as the new benchmark provider for BlackRock’s iShares® U.S. Preferred Stock ETF (PFF), which currently represents $14.7 billion in assets under management¹.

This follows a successful transition in August 2018 of four iShares corporate bond ETFs, which had a combined $19 billion in assets under management, to indices compiled by ICE Data Services. The iShares U.S. Preferred Stock ETF (PFF) provides exposure to U.S. preferred stocks, which have characteristics of both bonds and stocks, and provide income competitive with high yield bonds.

Effective January 31, 2019, the fund will be benchmarked to the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index and following a nine-month transition period it will be benchmarked to the ICE Exchange-Listed Preferred & Hybrid Securities Index. These indexes are part of ICE Data Indices, a comprehensive family of more than 5,000 global fixed income, equity, commodity and currency indexes that leverage ICE Data Services’ pricing, reference data and analytics solutions.

“ICE has invested significant resources to build high-quality data and analytics capabilities, particularly around index design and calculation services,” said Heather Brownlie, Head of U.S. iShares Fixed Income at BlackRock. “We’re pleased to partner with them to position our preferred stock ETF for the future.”
Lynn Martin, ICE Data Services President and COO
“The iShares U.S. Preferred Stock ETF is a premier fund serving the investment community, and we’re thrilled to have been chosen as the index provider,” said Lynn Martin, President and Chief Operating Officer of ICE Data Services. “The selection of our indices showcases our ability to manage exposure across asset classes. This capability uniquely positions us to offer a wide range of customized solutions which support all aspects of the benchmarking and performance measurement process to an increasing customer base.”

ICE Data Services’ multi-asset class index solution provides benchmark and bespoke indices on an integrated platform that drives efficient workflows across asset management, benchmarking and reporting.

1. As of November 27, 2018

ICE Benchmark Administration Launches Survey on the Use of LIBOR

December 8, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: business, FCE, Financial Conduct Authority, financial system, Intercontinental exchange, LIBOR, regulations, survey, The ICE

LONDON–(BUSINESS WIRE)– Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced the launch of a survey by ICE Benchmark Administration (IBA) on the use of LIBOR currencies and tenors.

The survey on the use of LIBOR is open to all users of LIBOR and will close for responses on February 15, 2019.

The purpose of the survey is to identify the LIBOR settings that are most widely used. IBA will use the results of the survey to inform its work in seeking the support of globally active banks for the publication of certain LIBOR settings after year-end 2021. The primary goal of this work would be to provide those LIBOR settings to users with outstanding LIBOR-linked contracts that are impossible or impractical to modify. Any such settings would need to be compliant with relevant regulations and in particular those regarding representativeness.

IBA’s work in seeking the support of banks for the publication of certain LIBOR settings after year-end 2021 is also designed to facilitate the industry’s work towards an orderly adoption of alternative ‘risk-free‘ reference rates (RFRs) into the financial system, as called for by the Financial Conduct Authority (FCA) and the central banks. ICE supports this work and IBA has recently launched the ICE Term RFR Portal and published a paper showing how IBA can support the development of term structures for alternative RFRs. Work on the possible continued publication of certain LIBOR settings is not intended as an alternative to the transition to RFRs for new business.

Regardless of the results of the survey, there is no guarantee that any LIBOR settings will continue to be published after year-end 2021. Users of LIBOR should not rely on the continued publication of any LIBOR settings when developing transition or fall back plans.

IBA encourages all licence holders and other users of LIBOR to complete this survey.