ICE Benchmark Administration Successfully Completes the Transition of LIBOR Panel Banks to the Waterfall Methodology
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 successfully completed the transition of all LIBOR panel banks
to the Waterfall Methodology.
IBA announced in its report
on the evolution of ICE LIBOR, published on April 25, 2018, that it
intended to begin the process of transitioning LIBOR Panel Banks to
making submissions in accordance with the Waterfall Methodology, as set
out in the LIBOR
Output Statement. The LIBOR Output Statement sets out a single LIBOR
definition and a standardised Waterfall Methodology for making LIBOR
submissions, based on transactions to the greatest extent possible. The
transition occurred on a gradual basis to minimise operational and
technology risks.
IBA is now pleased to announce the successful completion of the
transition to the Waterfall Methodology for all LIBOR Panel Banks.
Notwithstanding this successful transition, 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.
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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.
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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/20190401005432/en/
ICE Media Contact:
Damon Leavell
Damon.Leavell@theice.com
+1
212-323-8587
or
ICE Investor Contact:
Warren
Gardiner
warren.gardiner@theice.com
+1
770-835-0114
investors@theice.com
Source: Intercontinental Exchange