Intercontinental Exchange, Inc. (NYSE: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 published an update regarding the U.S. Dollar ICE Bank Yield Index.
The fully transaction-based U.S. Dollar ICE Bank Yield Index is designed to measure the yields at which investors are willing to invest U.S. dollar funds in large, internationally active banks on a wholesale, unsecured basis over one-month, three-month and six-month periods. It has been developed to meet the potential benchmark needs of lenders, borrowers and other users of non-derivative (or cash) products that have historically referenced short-term interest rate benchmarks, such as LIBOR, in their contracts.
IBA published a white paper introducing the U.S. Dollar ICE Bank Yield Index on January 24, 2019, which included the results of a period of testing of the preliminary methodology and asked market participants and stakeholders for their feedback.
IBA is now publishing this update in order to:
1. Provide more detailed information regarding certain aspects of the index, in light of feedback received to date;
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2. Provide market participants with updated results of testing of the preliminary index methodology during the period from January 2018 to the end of March 2019, which are also available on IBAs website; and
3. Extend the feedback period to May 31, 2019, which should be provided via email to [email protected].
IBA intends to consider and take account of the feedback received to date and any new responses before finalizing the U.S. Dollar ICE Bank Yield Index methodology and undertaking a period of production-standard testing. If the markets response remains encouraging, future testing is successful and global banks continue to support the index, IBA anticipates launching the index in 2020.
There is no guarantee that IBA will continue to test the U.S. Dollar ICE Bank Yield Index, be able to source data to derive the index or publish the index in the future. Users of LIBOR should not rely on the potential publication of the U.S. Dollar ICE Bank Yield Index when developing and executing transition or fallback plans.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.
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 at http://www.intercontinentalexchange.com/terms-of-use. 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, 2018, as filed with the SEC on February 7, 2019.
SOURCE: Intercontinental Exchange