ICE Benchmark Administration Launches ‘Beta’ USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap Rates

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE Benchmark Administration Limited (IBA) has launched indicative, ‘Beta’ versions of its USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap Rates.

The indicative, ‘Beta’ USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap Rates settings are determined using IBA’s published ICE Swap Rate “Waterfall” calculation methodology and are available here. The publication tenors, input data specifications and standard market sizes in respect of the ‘Beta’ settings are available on IBA’s ICE Swap Rate webpage.

“We are pleased to support the expansion of the ICE Swap Rate benchmark to include SOFR swap spreads and €STR swap rates,” said Clive de Ruig, President of IBA. “As one of the world’s most experienced administrators of regulated benchmarks, IBA continues to develop and provide innovative and reliable data solutions backed by robust governance structures to support our customers and the global financial markets in which they operate.”

The publication of the ‘Beta’ settings follows a consultation and feedback process regarding IBA’s proposals to extend the current suite of ICE Swap Rate benchmark settings.

IBA is publishing the ‘Beta’ settings for an initial testing period, solely for information purposes in order to enable recipients to evaluate the settings and provide feedback. Feedback on the ‘Beta’ settings should be sent to [e-mail]. The ‘Beta’ settings are not intended for, and IBA expressly prohibits their use for, any other purpose, including as a reference, index or benchmark in financial instruments, financial contracts, or investment funds.

IBA will announce in due course when USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap Rates settings will be made available for use by licensees 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 UK Benchmarks Regulation. IBA reserves all rights in the ICE Swap Rate methodology and the ICE Swap Rate settings, including the ‘Beta’ USD SOFR ICE Swap Rate Swap Spreads and EUR €STR ICE Swap Rates. ICE, ICE Swap Rate and ICE Benchmark Administration are trademarks of IBA and/or its affiliates. IBA is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by IBA.