03.04.2019

ICE Benchmark Administration Publishes Libor Survey

03.04.2019

Intercontinental Exchange, Inc, 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.

Source: IBA

Related articles

  1. From The Markets

    FIA Launches ETD Tracker

    Online tool displays data on the trading of exchange-traded derivatives.

  2. Aberdeen AM Looks to Grow In China

    Partnership aims to advance the expansion of sustainable investing in China.

  3. The exchange selected Axiom based on its low latency, stability, and resiliency.

  4. Best Exchange Operator - NYSE Euronext

    The two exchanges may develop products in ESG, ETFs, indexes and data.

  5. The new platform is the first full amount trading platform for on-the-run U.S. Treasuries.