LONDON–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global
exchanges and clearing houses and provider of data and listings
services, announces that ICE Benchmark Administration
Limited (IBA) has today published
test rates relating to a three-month testing period during which all
20 LIBOR panel banks were required to make parallel LIBOR submissions.
These parallel submissions used the evolved waterfall methodology (the
“waterfall methodology”) set out in the ICE
LIBOR output statement.
The test rates have been published on the ICE
website, alongside previously published LIBOR using the existing
methodology for the same period.1
The publication follows an announcement
on March 13, 2018 that IBA would publish test rates for LIBOR2
calculated using submissions made under the waterfall methodology for
each of the 35 LIBOR currency and tenor pairs for every applicable
London business day of the testing period.3 The calculations
apply the same trimmed arithmetic mean approach used to calculate LIBOR
as it is currently published.
IBA continues to work on the evolution of LIBOR, with the intention of
transitioning panel banks from the existing LIBOR methodology to the
waterfall methodology, subject to agreement from the LIBOR Oversight
Committee, IBA approvals, other approvals and steps as necessary or
appropriate, and the absence of regulatory objection. IBA expects to
make a further announcement prior to commencing the transition to the
waterfall methodology, if such conditions have been satisfied.
Further information about IBA and ICE LIBOR can be found on the ICE
About Intercontinental Exchange
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.
1 The test rates are historical, relate to a three-month
testing period and are provided for information purposes only.
Historical data may not be indicative of future data, and none of the
data is intended to constitute any invitation or inducement to engage in
any investment activity. Neither IBA, ICE nor any of its or their
affiliates will be liable to any person in connection with this data.
The test rates calculated using the waterfall methodology are referred
to in this press release as LIBOR for convenience, even though they are
not calculated and published as LIBOR by reference to the existing LIBOR
submission question. The test submissions used to calculate the test
rates are similarly referred to as LIBOR submissions.
The testing period ran between September 15 and December 15, 2017.
SOURCE: Intercontinental Exchange