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U.K. Financial Conduct Authority Publishes Consultation on “Synthetic” U.S. Dollar LIBOR and Announces Intention that 3-Month “Synthetic” Sterling LIBOR will be Published Until End of March 2024

By: via Business Wire

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today noted that the U.K. Financial Conduct Authority (FCA) has published a consultation on a proposal to require ICE Benchmark Administration Limited (IBA), the administrator of LIBOR, to publish 1-, 3- and 6-month U.S. dollar LIBOR settings under an unrepresentative “synthetic” methodology after the end of June 2023 until the end of September 2024, and that the FCA intends to require IBA to continue to publish the 3-month “synthetic” sterling LIBOR setting until the end of March 2024.

Publication of the Overnight and the 1-, 3-, 6- and 12-month U.S. dollar LIBOR settings currently continues using panel bank contributions under the “panel bank” LIBOR methodology. IBA expects to continue to determine and publish these settings on this basis until the end of June 2023, at which point panel banks will stop contributing and the Overnight and 12-month U.S. dollar LIBOR settings will permanently cease.

In light of feedback received in respect of its June consultation, the FCA is consulting on using its powers under the U.K. Benchmarks Regulation to compel IBA to continue to publish the 1-, 3- and 6-month U.S. dollar LIBOR settings under an unrepresentative “synthetic” methodology for a temporary period after the end of June 2023 until the end of September 2024. The consultation also seeks views on the proposed methodology the FCA would require IBA to use to determine “synthetic” U.S. dollar LIBOR and on which legacy use of “synthetic” U.S. dollar LIBOR the FCA should permit. The consultation will remain open until January 6, 2023, and the FCA expects to announce its decision in late Q1 or early Q2 2023.

Further to the FCA’s announcement on September 29, 2022 that it had decided to require IBA to continue to publish 1- and 6-month “synthetic” sterling LIBOR settings until March 31, 2023, and in line with feedback from its consultation, the FCA has stated that it intends to require IBA to continue to publish the 3-month “synthetic” sterling LIBOR setting until the end of March 2024, after which this setting will permanently cease.

The FCA has previously stated that the “synthetic” Japanese yen LIBOR settings will cease at the end of 2022.

Please see IBA’s LIBOR webpage and the FCA’s LIBOR transition webpage for further information.

About ICE Benchmark Administration

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. ICE, LIBOR, and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (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 exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, 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.

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 here. 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, 2021, as filed with the SEC on February 3, 2022.

Category: Exchanges

ICE- CORP

Source: Intercontinental Exchange

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