Intercontinental Exchange, Inc. (NYSE:ICE) announced today that ICE Benchmark Administration Limited (IBA) intends to issue ICE Swap Swap Spreads USD SOFR and EUR €STR ICE Swap Rates for use as benchmarks in financial contracts and financial instruments by licensees July 1, 2024 .
The launch follows the IBA’s successful publication of indicative, ‘Beta’ versions of the USD SOFR ICE Swap Spreads and EUR €STR ICE Swap Rates for an initial test period from 3 May 2024.
“Following successful trials, we are pleased to announce a further expansion of the IBA Swap Rate benchmark suite to include SOFR swap spreads and €STR swap rates,” said Clive de Ruig, IBA President. “IBA continues to innovate and develop its regulated reporting offering to ensure we can provide reliable and relevant reporting data to our clients.”
Spreads Swap Rate Swap USD SOFR ICE and EUR €STR ICE Swap Rates are determined using IBA’s published ‘Waterfall’ calculation methodology. Publication terms, input data specifications and standard market sizes are available on the IBA’s ICE Swap Rate website.
IBA will publish ICE USD SOFR and EUR €STR ICE Swap Spreads arrangements for use as benchmarks by licensees and under the terms of the existing USD and EUR ICE Swap Rate licensing agreements, respectively. The arrangements will be available alongside IBA’s other ICE Swap Rate arrangements covering USD (SOFR), GBP (SONIA) and EUR (EURIBOR) currencies at time intervals ranging from one to 30 years.
ICE Benchmark Administration 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.