{"id":761000,"date":"2023-05-31T09:25:01","date_gmt":"2023-05-31T13:25:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/"},"modified":"2023-05-31T09:25:01","modified_gmt":"2023-05-31T13:25:01","slug":"ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/","title":{"rendered":"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR<\/b><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIntercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA), the authorized and regulated administrator of LIBOR\u00ae, has provided an update regarding LIBOR cessation and \u201csynthetic\u201d LIBOR.<\/p>\n<p>\nThe UK\u2019s Financial Conduct Authority (FCA) has issued its <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/us-dollar-libor-panel-1-month-go\">final messages <\/a>prior to the end of the U.S. dollar LIBOR panel, and reminded market participants of its <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/documents\/future-cessation-loss-representativeness-libor-benchmarks.pdf\">March 2021 announcement<\/a> that publication of the Overnight and 12-Month U.S. dollar LIBOR settings will cease immediately following publication on June 30, 2023.<\/p>\n<p>\nThe FCA <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/fca-announces-decision-synthetic-us-dollar-libor\">previously announced<\/a> that it has decided to use its powers under the UK Benchmarks Regulation (UK BMR) to require IBA to <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-21-3-benchmarks-regulation-usd-notice-first-decision.pdf\">continue the publication<\/a> of the 1-, 3- and 6-Month U.S. dollar LIBOR settings using a changed <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-23d-benchmarks-regulation-usd-draft-notice-requirements.pdf\">\u201csynthetic\u201d methodology<\/a> for a temporary period from July 3, 2023, and intends for these settings to cease immediately following publication on September 30, 2024.<\/p>\n<p>\nThe FCA has notified IBA that it has <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-23a-benchmarks-regulation-usd-notice-designation.pdf\">designated<\/a> these three LIBOR settings as \u201cArticle 23A benchmarks\u201d for the purposes of the UK BMR with effect from July 1, 2023, which it must do in order to enable it to require these methodology changes. The FCA has also noted that any settings published under a \u201csynthetic\u201d methodology will no longer be representative of the underlying market or economic reality the setting is intended to measure, as those terms are used in the BMR.<\/p>\n<p>\nAll new use of \u201csynthetic\u201d U.S. dollar LIBOR by UK supervised entities will be prohibited under the UK BMR, which the FCA notes will override the exemptions to the prohibition on the new use of U.S. dollar LIBOR imposed by the FCA on January 1, 2022. The FCA has <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-23c-usd-libor-draft-notice-permitted-legacy-use-supervised-entities.pdf\">decided to permit<\/a> the use of the 1-, 3- and 6-month \u201csynthetic\u201d U.S. dollar LIBOR settings by UK supervised entities in all legacy contracts, except for cleared derivatives.<\/p>\n<p>\nThe FCA has also published a <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publications\/feedback-statements\/fs23-2-decisions-us-dollar-libor-feedback-cp22-21\">feedback statement<\/a> on its <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/consultation\/cp22-21.pdf\">November 2022 Consultation <\/a>on \u201csynthetic\u201d U.S. dollar LIBOR, and the <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/annex-4-benchmarks-notice-proposed-modifications-usd-libor.pdf\">modifications<\/a> it proposes to make to the UK BMR as it will apply to 1-, 3- and 6-Month \u201csynthetic\u201d U.S. dollar LIBOR, having regard to the effects of its designation of these three settings as \u201cArticle 23A benchmarks\u201d and the imposition of its proposed changes to the methodology for these settings.<\/p>\n<p>\nIBA is also <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/ice-benchmark-administration-limited-2022.pdf\">currently required <\/a>by the FCA to continue to publish the <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/publication\/libor-notices\/article-23d-benchmarks-regulation.pdf\">3-month \u201csynthetic\u201d sterling LIBOR <\/a>setting, which the FCA expects to cease immediately following publication on March 28, 2024.<\/p>\n<p>\nExcept as set out above, all other LIBOR settings have ceased to be published.<\/p>\n<p>\nPlease ensure you take appropriate legal and regulatory advice in all relevant jurisdictions to ensure you understand and are prepared for the impact of the cessation or unrepresentativeness of any LIBOR settings on you and your counterparties under any applicable legislation or regulation, financial contracts, financial instruments, and other arrangements.<\/p>\n<p>\nPlease see IBA\u2019s <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/iba\/libor\">LIBOR<\/a> webpage and the FCA\u2019s <a rel=\"nofollow\" href=\"https:\/\/www.fca.org.uk\/markets\/libor\">LIBOR transition webpage <\/a>for further information.<\/p>\n<p><b>About ICE Benchmark Administration<\/b><\/p>\n<p>\nICE Benchmark Administration Limited is authorized and regulated by the Financial Conduct Authority for the regulated activity of administering a benchmark and is authorized as a benchmark administrator under the UK Benchmarks Regulation. LIBOR and ICE Benchmark Administration are registered trademarks of ICE Benchmark Administration Limited and\/or its affiliates.<\/p>\n<p><b>About Intercontinental Exchange<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/www.ice.com\/\"><b>Intercontinental Exchange, Inc.<\/b><b \/><\/a>(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/exchanges-clearing\"><b>exchanges<\/b><\/a>, including the <a rel=\"nofollow\" href=\"https:\/\/www.nyse.com\/\"><b>New York Stock Exchange<\/b><\/a>, and <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/solutions\/clearing\"><b>clearing houses<\/b><\/a>that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/fixed-income-data\"><b>data services<\/b><\/a>and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/about\/mortgage-technology\"><b>ICE Mortgage Technology<\/b><\/a>, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.<\/p>\n<p>\nTrademarks 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 <a rel=\"nofollow\" href=\"http:\/\/www.intercontinentalexchange.com\/terms-of-use\"><b>here<\/b><\/a>. 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 \u201cKey Information Documents (KIDS).\u201d<\/p>\n<p>\nSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995 &#8212; Statements in this press release regarding ICE&#8217;s business that are not historical facts are &#8220;forward-looking statements&#8221; 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&#8217;s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.<\/p>\n<p>\nCategory: EXCHANGES<\/p>\n<p>\nICE- CORP<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230531005656r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230531005656\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230531005656\/en\/<\/a><\/span><\/p>\n<p><b>ICE Media Contact:<br \/>\n<\/b><br \/>Rebecca Mitchell<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Rebecca.Mitchell@ice.com\"><b>Rebecca.Mitchell@ice.com<br \/>\n<\/b><\/a><br \/>+44 7951 057 351<\/p>\n<p><b>ICE Investor Contact:<br \/>\n<\/b><br \/>Katia Gonzalez<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:katia.gonzalez@ice.com\"><b>katia.gonzalez@ice.com<br \/>\n<\/b><\/a><br \/>(678) 981-3882<br \/>\n<br \/>Source: Intercontinental Exchange<\/p>\n<p><b>KEYWORDS:<\/b> United Kingdom Europe<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Data Management Technology Finance Fintech Networks<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230531005656\/en\/411456\/3\/ICE_R_colour.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR LONDON&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA), the authorized and regulated administrator of LIBOR\u00ae, has provided an update regarding LIBOR cessation and \u201csynthetic\u201d LIBOR. The UK\u2019s Financial Conduct Authority (FCA) has issued its final messages prior to the end of the U.S. dollar LIBOR panel, and reminded market participants of its March 2021 announcement that publication of the Overnight and 12-Month U.S. dollar LIBOR settings will cease immediately following publication on June 30, 2023. The FCA previously announced that it has decided to use its powers under the UK Benchmarks Regulation (UK &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-761000","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &quot;Synthetic&quot; LIBOR - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &quot;Synthetic&quot; LIBOR - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR LONDON&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA), the authorized and regulated administrator of LIBOR\u00ae, has provided an update regarding LIBOR cessation and \u201csynthetic\u201d LIBOR. The UK\u2019s Financial Conduct Authority (FCA) has issued its final messages prior to the end of the U.S. dollar LIBOR panel, and reminded market participants of its March 2021 announcement that publication of the Overnight and 12-Month U.S. dollar LIBOR settings will cease immediately following publication on June 30, 2023. The FCA previously announced that it has decided to use its powers under the UK Benchmarks Regulation (UK &hellip; Continue reading &quot;ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-31T13:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230531005656r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; 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LIBOR LONDON&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA), the authorized and regulated administrator of LIBOR\u00ae, has provided an update regarding LIBOR cessation and \u201csynthetic\u201d LIBOR. The UK\u2019s Financial Conduct Authority (FCA) has issued its final messages prior to the end of the U.S. dollar LIBOR panel, and reminded market participants of its March 2021 announcement that publication of the Overnight and 12-Month U.S. dollar LIBOR settings will cease immediately following publication on June 30, 2023. The FCA previously announced that it has decided to use its powers under the UK Benchmarks Regulation (UK &hellip; Continue reading \"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; LIBOR\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-31T13:25:01+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230531005656r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ice-benchmark-administration-provides-update-regarding-libor-cessation-and-synthetic-libor-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ICE Benchmark Administration Provides Update Regarding LIBOR\u00ae Cessation and &#8220;Synthetic&#8221; 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