LONDON, December 22, 2021– (COMMERCIAL THREAD) – Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of market data, technology and infrastructure, today announced that ICE Benchmark Administration Limited (IBA) plans to launch GBP SONIA Spread-Adjusted ICE Swap Rate® for use as a reference in contracts and financial instruments by licensees as of January 4, 2022.

The launch follows IBA’s successful publication of the GBP SONIA Spread-Adjusted parameters on an indicative “beta” basis since May 2021.

“SONIA GBP-adjusted ICE swap rates are a critical part of how the non-linear derivatives market treats existing contracts that reference the ICE LIBOR GBP swap rate,” said Bob Goodfellow, Head of GBP Rates and inflation options at NatWest Markets.

“Spread-adjusted parameters were developed in response to market demand for rates that parties to agreements can use to help process legacy non-linear derivatives, structured products and spot market instruments that refer to GBP. LIBOR ICE Swap Rate, ”said Tim Bowler. , President of ICE Benchmark Administration.

The parameters of the SONIA GBP spread adjusted ICE swap rate are available here, alongside IBA’s GBP SONIA ICE Swap Rate parameters. The parameters are published for terms ranging from one to 30 years and are determined in accordance with the methodology proposed by the Pound Sterling Risk-Free Benchmark Working Group in its article “Transition in pounds sterling of non-linear derivatives referring to the GBP LIBOR ICE (ISR) exchange rate”.

From January 4, 2022, the settings will be provided for use as a reference by licensees and subject to the terms of their current GBP ICE Swap Rate license agreements.

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 Benchmark Regulations. LIBOR and ICE Benchmark Administration are registered trademarks of IBA and / or its affiliates. IBA reserves all rights to the ICE Swap Rate® methodology and to the ICE Swap Rate® and GBP SONIA Spread-Adjusted ICE SWAP Rate® parameters. ICE Swap Rate, LIBOR and ICE Benchmark Administration are registered trademarks of IBA and / or its affiliates.

About the 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 in major asset classes that provide our clients with access to essential workflow tools that increase transparency and operational efficiency. 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 global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients take advantage of opportunities and operate more efficiently. AT ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.

Trademarks of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. The key information documents for certain products covered by the EU Retail and Insurance Investment Products Regulation can be accessed on the website of the relevant exchange 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 risk and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.


The trademark “SONIA” is used under license from the Bank of England (the principal administrator of SONIA), and use of any such mark does not imply or express any endorsement or endorsement by the Bank of England. “Bank of England” and “SONIA” are registered trademarks of the Bank of England.


Source: Intercontinental exchange

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