LONDON--(BUSINESS WIRE)--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 (“IBA”) has published a paper introducing the U.S. Dollar ICE Bank Yield Index for review and comment by market participants.
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.
The index has been developed to meet the potential 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 has conducted a period of testing on a preliminary methodology for the index over the course of the past year. The results are published in the paper and on IBA's website.
IBA is now inviting market participants and stakeholders to review and provide feedback on the U.S. Dollar ICE Bank Yield Index and its proposed methodology via email at IBA@theice.com by March 31, 2019.
IBA intends to consider and take account of this feedback in finalising the construction of the index before conducting a production-standard test in the second half of 2019. If the market’s response is encouraging and future testing is successful, IBA anticipates that it will launch the U.S. Dollar ICE Bank Yield Index and commence publication during the first quarter of 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 U.S. Dollar 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 and Fortune Future 50 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 raises more capital than any other exchange 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, 2017, as filed with the SEC on February 7, 2018.
SOURCE: Intercontinental Exchange
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