ICE Benchmark Administration Launches Survey on the use of LIBOR
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.
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.
SOURCE: Intercontinental Exchange
ICE-CORP
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005475/en/
ICE Media:
media@theice.com
Rebecca Mitchell
rebecca.mitchell@theice.com
+44
207 065 7804
Claire Miller
claire.miller@theice.com
+44
207 065 7745
Source: Intercontinental Exchange