ICE Completes Libor Banks Transition To New Methodology
Intercontinental Exchange, Inc. (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.
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