ICE Benchmark Administration consults on its intention to cease publication of GBP, EUR, CHF and JPY LIBOR
LONDON–(COMMERCIAL THREAD) – Intercontinental Exchange, Inc. (NYSE: ICE), a leading global exchange and clearinghouse operators and provider of mortgage technology, data and quotation services, announces that ICE Benchmark Administration Limited ( IBA) will consult on its intention to cease publication of all GBP, EUR, CHF and JPY LIBOR parameters. Discussions involving IBA, the Financial Conduct Authority (FCA), other official industry bodies and the panel banks continue regarding the future of USD LIBOR.
In July 2017, the FCA announced its intention that it would no longer be necessary to persuade or coerce banks into submitting to LIBOR after December 31, 2021. Since then, the FCA and other official sector bodies have strongly advised end users of the need to switch from LIBOR by December 31, 2021. IBA has engaged with end users, panelist banks, FCA and other official industry bodies regarding the possibility of maintaining certain Widely used LIBOR settings after December 31, 2021, if necessary to support the transition.
Based on the comments and information received from the panel banks, and following discussions with the FCA and other official industry bodies, IBA will consult, in the near future, on its intention to cease publication after the 31st. December 2021, the following LIBOR parameters:
GBP – all tenors (night, 1 week, 1, 2, 3, 6 and 12 months)
EUR – all tenors (night, 1 week, 1, 2, 3, 6 and 12 months)
CHF – all tenors (next spot, 1 week, 1, 2, 3, 6 and 12 months)
JPY – all tenors (next spot, 1 week, 1, 2, 3, 6 and 12 months)
Discussions involving IBA, FCA, other official industry bodies and the panel banks continue regarding the future of USD LIBOR. IBA expects to be in a position to make further announcements regarding USD LIBOR once the discussion process is complete. There is no certainty or guarantee that IBA will be able to publish USD LIBOR parameters after December 31, 2021.
This press release is not, and should not be construed as, an announcement that IBA will continue or cease publication of any LIBOR parameters after December 31, 2021. IBA plans to make separate announcements in this regard thereafter. of the results of the consultations, and subject to any right of FCA to compel IBA to continue posting.
A statement from the FCA regarding the use of some of its proposed new powers can be found here.
About ICE Benchmark Administration
ICE Benchmark Administration is authorized and regulated by the Financial Conduct Authority for the regulated activity of administration of a benchmark, and is authorized as a benchmark administrator under the EU Regulation on benchmarks. benchmarks. ICE LIBOR, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and / or its affiliates.
About the intercontinental exchange
Intercontinental exchange (NYSE: ICE) is a Fortune 500 company and a provider of market infrastructure, data services, and technology solutions to a wide variety of clients, including financial institutions, businesses, and government entities. We operate regulated markets, including the New York Stock Exchange, for the listing, trading and clearing of a wide range of derivative contracts and financial securities across major asset classes. Our comprehensive data service offering supports the trading, investing, risk management and connectivity needs of clients around the world and across all asset classes. As a leading technology provider to the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize residential mortgages in the United States, from loan application and origination through to final settlement.
Trademarks of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found at http://www.intercontinentalexchange.com/terms-of-use. The key information documents for certain products covered by the EU Retail and Insurance Investment Products Regulation can be accessed on the website of the relevant exchange 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 risk and uncertainties. For a discussion of the additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on February 6, 2020.
Source: Intercontinental exchange