• August 5, 2020

ICE Benchmark Administration Launches Beta Version of ICE Term SONIA Reference Rates - Odessa American: Business

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ICE Benchmark Administration Launches Beta Version of ICE Term SONIA Reference Rates

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Posted: Wednesday, July 8, 2020 6:01 am

LONDON--(BUSINESS WIRE)--Jul 8, 2020--

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announces that ICE Benchmark Administration Limited (IBA) has launched an initial beta version of its ICE Term SONIA Reference Rates (“ICE TSRR”). The ICE TSRR beta rates are designed to measure average expected (i.e. forward-looking) SONIA rates over one month, three month and six month tenor periods on a daily basis.

IBA is publishing the beta rates for information and testing purposes in line with the UK Working Group on Sterling Risk-Free Reference Rates’ (“RFR WG”) priority roadmap for 2020. IBA will announce in due course when the ICE TSRR will be made available as a benchmark for use in financial instruments.

IBA has developed a Waterfall Methodology for calculating the ICE TSRR using eligible SONIA-linked interest rate derivative product data.

At the first level of the Waterfall, IBA uses tradeable bid and offer prices and volumes for eligible SONIA-linked overnight interest rate swaps available on the central limit order books of BGC Partners' BGC Trader platform, TP-ICAP's i-Swap platform, and Tradition's Trad-X platform during a two-hour window before the relevant ICE TSRR calculation. If these trading venues do not provide sufficient eligible input data, the second level of the Waterfall derives the ICE TSRR using SONIA-linked futures data published on electronic trading venues.

“We are pleased to support the development and adoption of alternative rates by launching ICE Term SONIA Reference Rates,” said Tim Bowler, President of ICE Benchmark Administration. “We have heard feedback from many businesses, borrowers and lenders, that they value having forward-looking term rates to provide certainty when calculating their interest expenses and other contractual payments in advance. IBA is working hard to provide tools to help the market transition to alternative rates and we will be ready to launch forward-looking term rates for other alternative overnight rates as market conditions allow.”

ICE TSRR beta rates are published daily on the ICE Term RFR Portal which is designed to be a comprehensive alternative reference rates’ data source for market participants. Data on the ICE Term RFR Portal is currently published for information purposes only and may not be used as a benchmark in financial instruments.

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 EU Benchmarks Regulation.

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, 2019, as filed with the SEC on February 6, 2020.

Source: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com:https://www.businesswire.com/news/home/20200708005443/en/

CONTACT: ICE Media Contact

Rebecca Mitchell

+44 7951 057351

rebecca.mitchell@theice.com

ICE Investor Contact

Warren Gardiner

770-835-0114

Warren.Gardiner@theice.com

Source: Intercontinental Exchange

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE FINANCE CONSULTING BANKING

SOURCE: Intercontinental Exchange

Copyright Business Wire 2020.

PUB: 07/08/2020 07:00 AM/DISC: 07/08/2020 07:01 AM

http://www.businesswire.com/news/home/20200708005443/en

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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