ICE Benchmark Administration Publishes the Results of the 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 that ICE Benchmark Administration Limited
(IBA) has published the results of its survey on the use of LIBOR
currencies and tenors.
IBA launched the survey on the use of LIBOR on December
4, 2018 in order to identify the LIBOR settings that are most widely
used. The survey closed on February 15, 2019, and the results have been
published on IBA’s
website.
Using the results of this survey and other outreach work, IBA will work
with globally active banks to seek to publish certain LIBOR settings
after year-end 2021. IBA expects to issue further press releases
regarding this work as it progresses.
The primary goal of IBA’s work in seeking to obtain sufficient banking
industry support to publish certain LIBOR settings after year-end 2021
is to provide these settings to users with outstanding LIBOR-linked
contracts that are impossible or impractical to modify. Any such
settings will need to be compliant with relevant regulations and in
particular those regarding representativeness.
IBA’s work is also designed to facilitate the industry’s progress
towards an orderly adoption of alternative ‘risk-free’ reference rates
into the financial system, as called for by the Financial Conduct
Authority and the central banks.
Notwithstanding the results of the survey and IBA’s work, 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.
About Intercontinental Exchange
Intercontinental
Exchange (NYSE:ICE) is a Fortune 500 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 is the premier venue for raising
capital 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.
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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, 2018, as filed with the SEC on February 7, 2019.
SOURCE: Intercontinental Exchange
ICE-CORP
View source version on businesswire.com: https://www.businesswire.com/news/home/20190301005530/en/
ICE
Media Contact:
Rebecca Mitchell
rebecca.mitchell@theice.com
+44
7951 057351
media@theice.com
or
Investor
Contact:
Warren Gardiner
warren.gardiner@theice.com
+1
770-835-0114
investors@theice.com
Source: Intercontinental Exchange