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mobile-submenu-item visible-xs"><a href="/web/20151006051716/https://www.theice.com/clearing">Overview</a></p></div><div id="content-1500088378"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151006051716/https://www.theice.com/clear-europe">ICE Clear Europe</a></p><ul class="list-featured hidden-xs"><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/risk-management">Risk Management</a></li><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/membership">Membership</a></li><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/circulars">Circulars</a></li><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/regulation">Regulation</a></li><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/operations">Operations</a></li><li><a href="/web/20151006051716/https://www.theice.com/clear-europe/technology">Technology</a></li><li><a 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data-reactid=".1thoxn9c000.2.3:$5.0">Benchmarks</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$5.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088311"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151006051716/https://www.theice.com/iba">About IBA</a></p><ul class="list-featured hidden-xs"><li><a href="/web/20151006051716/https://www.theice.com/iba/licensing">Licensing & Data</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/market-status">Market Status</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/board-of-directors">Board of Directors</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/historical-data">Historical Data</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/holiday-calendars">Holiday Calendar</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088312"><div><p 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href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#accessing">Accessing Rates</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#calculation">Methodology</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#venues">Venues</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#currencies-tenors">Currencies, Tenors & Publication Times</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#governance">Governance & Oversight</a></li><li><a href="/web/20151006051716/https://www.theice.com/iba/ice-swap-rate#non-publication">Non-Publication Days</a></li><li><a href=""></a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092153"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151006051716/https://www.theice.com/iba/lbma-gold-price">LBMA Gold Price</a></p><ul class="list-featured hidden-xs"><li><a 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class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500085149"><p class="list-featured-header mobile-submenu-item spacer-sm"><a href="/web/20151006051716/https://www.theice.com/iba/contact">Contact ICE Benchmark Administration</a></p></div></div></div></div></li><li class="" data-reactid=".1thoxn9c000.2.3:$6"><a href="/web/20151006051716/https://www.theice.com/marketdata/reports" data-reactid=".1thoxn9c000.2.3:$6.0">Reports</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$6.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088404"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151006051716/https://www.theice.com/marketdata/reports">See All Reports</a></p><ul class="list-featured hidden-xs"></ul></div></div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500088403"><p class="list-featured-header mobile-submenu-item">Frequently Accessed Reports</p> <ul class="list-inline list-featured hidden-xs"> <li><a href="/web/20151006051716/https://www.theice.com/marketdata/reports/10">ICE Futures Europe End of Day</a></li> <li><a href="/web/20151006051716/https://www.theice.com/marketdata/reports/122">Commitments of Traders</a></li> <li><a href="/web/20151006051716/https://www.theice.com/marketdata/reports/176">Daily, MTD, QTD, YTD Volume & OI</a></li> <li><a href="/web/20151006051716/https://www.theice.com/marketdata/reports/170">ICE LIBOR Historical Rates</a></li> </ul></div></div></div></div></li><li class="" data-reactid=".1thoxn9c000.2.3:$7"><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/why-nyse" data-reactid=".1thoxn9c000.2.3:$7.0">List</a><div class="nav-flyout-drawer true-grid-10" data-reactid=".1thoxn9c000.2.3:$7.1"><div class="row"><div class="true-grid-quarter"><div><div id="content-1500088363"><div><p class="list-featured-header mobile-submenu-item"><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/market-model">NYSE Market Model</a></p><ul class="list-featured hidden-xs"><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/market-model/overview#dmms-2">Designated Market Makers</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/market-model/overview#floor-brokers">Floor Brokers</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/market-model/overview#slp">Supplemental Liquidity Providers</a></li><li><a href=""></a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088364"><div><p class="list-featured-header mobile-submenu-item"><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/corporate-services">NYSE Executive Solutions</a></p><ul class="list-featured hidden-xs"><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/corporate-services#investor-relations">IR Tools</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/corporate-services/nysegs">Governance Services</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/corporate-services/mac-desk">Market Access Center</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/corporate-services/bell-to-bell">Bell-to-Bell Coverage</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088365"><div><p class="list-featured-header mobile-submenu-item"><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/network">NYSE Network</a></p><ul class="list-featured hidden-xs"><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/the-exchange">Community</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/global-visibility">Global Visibility</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/bell">The Bell</a></li><li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/events">Events</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500093002"><div class="media-promo hidden-xs"> <img class="media-object" src="/web/20151006051716im_/https://www.theice.com/publicdocs/cmsdata/ice/images/floor.jpg" style="width: 200px" alt=""> </div></div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div><div id="content-1500085134"><i class="logo-nyse"></i> <p class="list-featured-header mobile-submenu-item"><strong>Listings Resources</strong></p><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/get-started" class="btn btn-default pull-right">Get Started</a> <ul class="list-featured list-inline hidden-xs"> <li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/get-started/ipo-kit">IPO Kit</a></li> <li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/get-started/reference">Important References</a></li> <li><a href="https://web.archive.org/web/20151006051716/https://www.nyse.com/get-started/transfer">Transfer</a></li> <li><a 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href="/web/20151006051716/https://www.theice.com/EducationCourses.shtml?courseList=">Education Courses</a></li><li><a href="/web/20151006051716/https://www.theice.com/EducationCourses.shtml?courseCalendar=">Course Calendar</a></li><li><a href="/web/20151006051716/https://www.theice.com/support/education-booking-terms">Booking Terms</a></li><li><a href="/web/20151006051716/https://www.theice.com/KnowledgeCenter.shtml">Knowledge Center</a></li></ul></div></div></div></div><div class="true-grid-quarter"><div><div id="content-1500088341"><div><p class="list-featured-header mobile-submenu-item"><a href="/web/20151006051716/https://www.theice.com/information-exchange">The Information Exchange</a></p><ul class="list-featured hidden-xs"></ul></div></div><div id="content-1500092234"><ul class="list-featured hidden-xs"> <li> <a href="/web/20151006051716/https://www.theice.com/benchmarks-confidence"><img src="/web/20151006051716im_/https://www.theice.com/publicdocs/cmsdata/ice/images/ph_nav_iba.jpg" width="225"><br><ul class="list-featured">Restoring Integrity to Global Benchmarks</ul></a></li></ul></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092236"><p class="list-featured-header mobile-submenu-item hidden-xs"><br></p> <ul class="list-featured hidden-xs"></ul> <ul class="list-featured hidden-xs"> <li><a href="/web/20151006051716/https://www.theice.com/brent-crude"><img src="/web/20151006051716im_/https://www.theice.com/publicdocs/cmsdata/ice/images/nav_promo_oil.jpg" width="225" alt=""><br><ul class="list-featured"><li>5 Facts About Today’s Oil Market</li></ul></a></li></ul></div></div></div><div class="true-grid-quarter"><div><div id="content-1500092238"><p class="list-featured-header mobile-submenu-item hidden-xs"><br></p> <ul class="list-featured hidden-xs"></ul> <ul class="list-featured hidden-xs"> <li><a href="/web/20151006051716/https://www.theice.com/article/world-cotton"><img src="/web/20151006051716im_/https://www.theice.com/publicdocs/cmsdata/ice/images/ph_nav_cotton.jpg" width="225" alt=""><br><ul class="list-featured"><li>Cotton Hedgers Pave Way for International Contracts</li></ul></a></li></ul></div></div></div></div><div class="row"><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div><div class="true-grid-quarter"><div></div></div></div><div class="hidden-xs"><div></div></div></div></li><li class="visible-xs is-standalone" data-reactid=".1thoxn9c000.2.4"><a href="#" data-reactid=".1thoxn9c000.2.4.0">Search</a></li></ul></div></div><div id="content-1500087915"><form class="typeahead-search typeahead-search-fullscreen typeahead-search typeahead is-empty" data-reactid=".1mgofijzxmo" data-react-checksum="-1919680461"><div class="typeahead-mask" data-reactid=".1mgofijzxmo.0"></div><div 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class=\"true-grid-quarter\"><div><div id=\"content-1500085741\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products/Futures-Options\">Futures & Options</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/products/Futures-Options/Agriculture\">Agriculture</a></li><li><a href=\"/products/Futures-Options/Credit\">Credit</a></li><li><a href=\"/products/Futures-Options/Energy\">Energy</a></li><li><a href=\"/products/Futures-Options/Equity-Derivatives\">Equity Derivatives</a></li><li><a href=\"/products/Futures-Options/FX\">FX</a></li><li><a href=\"/products/Futures-Options/Freight\">Freight</a></li><li><a href=\"/products/Futures-Options/Interest-Rates\">Interest Rates</a></li><li><a href=\"/products/Futures-Options/Metals\">Metals</a></li><li><a href=\"/products/Futures-Options/Energy/Emissions\">Emissions</a></li><li><a href=\"/products/Futures-Options/US-Environmental\">U.S. Environmental</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088228\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products/OTC\">OTC</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/products/OTC/Credit-Default-Swaps\">Credit Default Swaps</a></li><li><a href=\"/products/OTC/ICE-Swap-Trade\">ICE Swap Trade</a></li><li><a href=\"/products/OTC/Physical-Energy\">Physical Energy</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500090704\"><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products\">SEE ALL Products <i class=\"chevron-e chevron-sm chevron-disabled\"></i></a></p></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085092\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/products\">Featured Products</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/brent-crude\">Brent Crude</a></li><li><a href=\"/products/23/Sugar-No-11-Futures\">Sugar No 11</a></li><li><a href=\"/products/37650330/Three-Month-Sterling-Short-Sterling-Future\">Sterling</a></li><li><a href=\"/products/194/US-Dollar-Index-Futures\">USDX</a></li><li><a href=\"/products/38527986/Three-Month-Euribor-Futures\">EURIBOR</a></li><li><a href=\"/products/15/Coffee-C-Futures\">Coffee</a></li><li><a href=\"/products/6590258/Henry-LD1-Fixed-Price-Future\">Henry Hub</a></li><li><a href=\"/products/31196851/mini-MSCI-Emerging-Markets-Index-Future\">MSCI</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085748\"><a class=\"media-promo hidden-xs\" href=\"https://www.theice.com/article/world-cotton\" target=\"_blank\">\r\n <img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/cotton_square_logo.jpg\" height=\"150px\">\r\n <p class=\"media-heading\">World Cotton</p>\r\n <p>World Cotton will trade alongside the benchmark Cotton No. 2 contract</p>\r\n\r\n</a></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088231\"><div class=\"split spacer-sm\">\r\n <div class=\"split-left split-vbottom\">\r\n <p class=\"list-featured-header mobile-submenu-item\">Trading Resources</p><ul class=\"list-featured-inline spacer-xs hidden-xs\">\r\n <li><a href=\"/productguide/Search.shtml?tradingHours=\">Trading Hours</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Dates</a></li>\r\n <li><a href=\"/products\">All Product Codes</a></li>\r\n <li><a href=\"http://data.theice.com/Services/DataDistribution/Vendor/VendorCodes.aspx\">Vendor Codes</a></li>\r\n </ul>\r\n </div>\r\n <div class=\"split-right split-vbottom\">\r\n <a href=\"/contact\" class=\"btn spacer-sm\">Help Desk</a>\r\n </div>\r\n</div></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088006\"><p class=\"list-featured-header mobile-submenu-item visible-xs visible-sm\"><a href=\"/markets\">Overview</a></p></div><div id=\"content-1500086642\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/asset-classes\">Asset Classes</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/energy\">Energy</a></li><li><a href=\"/interest-rates\">Interest Rates</a></li><li><a href=\"/agriculture\">Agriculture</a></li><li><a href=\"/single-stock-equity-index\">Equity Derivatives</a></li><li><a href=\"/metals\">Metals</a></li><li><a href=\"/credit-derivatives\">Credit Derivatives</a></li><li><a href=\"/forex\">FX</a></li><li><a href=\"/emissions\">Emissions</a></li><li><a href=\"https://www.nyse.com\">Equities</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091676\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-europe\">ICE Futures Europe</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-europe/regulation\">Regulation</a></li><li><a href=\"/futures-europe/circulars\">Circulars</a></li><li><a href=\"/futures-europe/corporate-actions\">Corporate Actions</a></li><li><a href=\"/futures-europe/membership\">Membership</a></li><li><a href=\"/futures-europe/brent\">Brent Index</a></li><li><a href=\"/futures-europe/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091364\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/endex\">ICE Endex</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/endex/regulation\">Regulation</a></li><li><a href=\"/endex/circulars\">Circulars</a></li><li><a href=\"/endex/membership\">Membership</a></li><li><a href=\"/endex/supervisory-board\">Supervisory Board</a></li><li><a href=\"/endex/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500092216\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/otc-energy\">ICE OTC Energy</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/otc-energy/regulation\">Regulation</a></li><li><a href=\"/otc-energy/agreements\">Agreements</a></li><li><a href=\"/otc-energy/cleared-ngx-markets\">Cleared NGX</a></li><li><a href=\"/ccx\">OTC Environmental</a></li><li><a href=\"https://brix.com.br/homepage.jhtml\">Brix</a></li></ul></div></div><div id=\"content-1500085171\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/brokered-markets\">Brokered Markets</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/service/creditex\">Creditex</a></li><li><a href=\"/service/broker-services#chatham\">Chatham</a></li><li><a href=\"/service/broker-services#beacon\">Beacon</a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088012\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-us\">ICE Futures U.S.</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-us/regulation\">Regulation</a></li><li><a href=\"/futures-us/notices\">Notices</a></li><li><a href=\"/futures-us/membership\">Membership</a></li><li><a href=\"/futures-us/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088014\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-canada\">ICE Futures Canada</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-canada/regulation\">Regulation</a></li><li><a href=\"/futures-canada/notices\">Notices</a></li><li><a href=\"/futures-canada/membership\">Membership</a></li><li><a href=\"/futures-canada/market-resources\">Resources</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088013\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/futures-singapore\">ICE Futures Singapore</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/futures-singapore/regulation\">Regulation</a></li><li><a href=\"/futures-singapore/circulars\">Circulars</a></li><li><a href=\"/futures-singapore/membership\">Membership</a></li><li><a href=\"/futures-singapore/market-resources\">Resources</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088015\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/swap-trade\">ICE Swap Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/swap-trade/regulation\">Regulation</a></li><li><a href=\"/swap-trade/notices\">Notices</a></li><li><a href=\"/swap-trade/membership\">Membership</a></li></ul></div></div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500090132\"><div class=\"split spacer-sm\">\r\n <div class=\"split-left split-vbottom\">\r\n <p class=\"list-featured-header mobile-submenu-item\">Trading Resources</p>\r\n <ul class=\"list-featured-inline spacer-xs hidden-xs\">\r\n <li><a href=\"/productguide/Search.shtml?tradingHours=\">Trading Hours</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Dates</a></li>\r\n <li><a href=\"/products\">All Product Codes</a></li>\r\n <li><a href=\"http://data.theice.com/Services/DataDistribution/Vendor/VendorCodes.aspx\">Vendor Codes</a></li>\r\n </ul>\r\n </div>\r\n <div class=\"split-right split-vbottom\">\r\n <a href=\"/contact\" class=\"btn spacer-sm\">Help Desk</a>\r\n </div>\r\n</div>\r\n</div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088377\"><p class=\"list-featured-header mobile-submenu-item visible-xs\"><a href=\"/clearing\">Overview</a></p></div><div id=\"content-1500088378\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-europe\">ICE Clear Europe</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-europe/risk-management\">Risk Management</a></li><li><a href=\"/clear-europe/membership\">Membership</a></li><li><a href=\"/clear-europe/circulars\">Circulars</a></li><li><a href=\"/clear-europe/regulation\">Regulation</a></li><li><a href=\"/clear-europe/operations\">Operations</a></li><li><a href=\"/clear-europe/technology\">Technology</a></li><li><a href=\"/clear-europe/treasury-and-banking\">Treasury & Banking</a></li><li><a href=\"/clear-europe/client-clearing\">Client Clearing</a></li><li><a href=\"/clear-europe/cds\">CDS</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500086002\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-canada\">ICE Clear Canada</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-canada/risk-management\">Risk Management</a></li><li><a href=\"/clear-canada/participants\">Membership</a></li><li><a href=\"/clear-canada/notices\">Notices</a></li><li><a href=\"/clear-canada/regulation\">Regulation</a></li><li><a href=\"/clear-canada/technology\">Technology</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088383\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-netherlands\">ICE Clear Netherlands</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-netherlands/risk-management\">Risk Management</a></li><li><a href=\"/clear-netherlands/membership\">Membership</a></li><li><a href=\"/clear-netherlands/notices\">Notices</a></li><li><a href=\"/clear-netherlands/operations\">Operations</a></li><li><a href=\"/clear-netherlands/regulation\">Regulation</a></li><li><a href=\"/clear-netherlands/technology\">Technology</a></li><li><a href=\"/clear-netherlands/statistics\">Statistics</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088385\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clearing-corp\">The Clearing Corp</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-us/notices\">Notices</a></li><li><a href=\"/clearing-corp/regulation\">Regulation</a></li><li><a href=\"https://firms.icc.theice.com/wrq/session/\">Atom</a></li><li><a href=\"https://www.theice.com/clearingcorp/bulletins/index.html\">Archived Bulletins</a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500092198\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-us\">ICE Clear U.S.</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-us/risk-management\">Risk Management</a></li><li><a href=\"/clear-us/membership\">Membership</a></li><li><a href=\"/clear-us/notices\">Notices</a></li><li><a href=\"/clear-us/regulation\">Regulation</a></li><li><a href=\"/clear-us/technology\">Technology</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088382\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-singapore\">ICE Clear Singapore</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-singapore/membership\">Membership</a></li><li><a href=\"/clear-singapore/circulars\">Circulars</a></li><li><a href=\"/clear-singapore/regulation\">Regulation</a></li><li><a href=\"/clear-singapore/technology\">Technology</a></li><li><a href=\"/clear-singapore/treasury\">Treasury</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500085910\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/clear-credit\">ICE Clear Credit</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/clear-credit/participants\">Membership</a></li><li><a href=\"/clear-credit/circulars\">Circulars</a></li><li><a href=\"/clear-credit/regulation\">Regulation</a></li><li><a href=\"/clear-credit/cds-client-clearing\">CDS Client Clearing</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085913\"><p class=\"list-featured-header mobile-submenu-item\">Clearing Resources</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"https://www.theice.com/productguide/Search.shtml?tradingHours=\">Trading Calendar</a></li>\r\n <li><a href=\"/holiday-hours\">Holiday Calendar</a></li>\r\n <li><a href=\"/fees\">Fees</a></li>\r\n <li><a href=\"/margins\">Margins</a></li>\r\n <li><a href=\"/marketdata/ExpiryCalendar.shtml?expiry\">Expiry Calendar</a></li>\r\n <li><a href=\"/Subscription.shtml\">Subscriptions</a></li>\r\n<li><a href=\"/technology/ice-link\">ICE Link</a></li>\r\n</ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088259\"><div class=\"visible-xs visible-sm\"><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data\">Overview</a></p></div></div><div id=\"content-1500088266\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/traders-risk-managers\">For Traders & Risk Managers</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/view-only-quotes\">View-Only Quotes</a></li><li><a href=\"/market-data/ice-indices\">ICE Indices</a></li><li><a href=\"https://www.superderivatives.com/\">SuperDerivatives</a></li><li><a href=\"/market-data/end-of-day-reports\">End of Day Reports</a></li><li><a href=\"/marketdata/reports\">Report Center</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500090789\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/quote-data-distribution\">Quote and Data Distribution</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/quote-data-distribution\">Quote Vendors</a></li><li><a href=\"/market-data/end-of-day-reports\">End-of-Day Pricing Data</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500087376\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/third-party\">Third-Party Data</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/market-data/oil-gas-commentary\">Oil & Natural Gas Commentary</a></li><li><a href=\"/data/live-squawk\">Real-Time, Global Financial News</a></li><li><a href=\"/market-data/weather-services\">Meteorological Reports</a></li><li><a href=\"/market-data/petroleum-status-alerts\">Global Petroleum Refining Alerts</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091856\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba\">Benchmark Administration Services</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/libor\">ICE LIBOR</a></li><li><a href=\"/iba/ice-swap-rate\">ICE Swap Rate</a></li><li><a href=\"/iba/lbma-gold-price\">LBMA Gold Price</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div><div id=\"content-1500088264\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/market-data/market-price-validation\">Market Price Validation</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088586\"><a class=\"media-promo hidden-xs\" href=\"/marketdata/reports\">\r\n <img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/Promo_report_center_preview.jpg\" height=\"150px\">\r\n <p class=\"media-heading\">ICE Report Center</p>\r\n <p>Offering Reports across all ICE Exchanges and Products</p>\r\n</a></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088260\"><p class=\"list-featured-header mobile-submenu-item\">Interested in Using Our Data?</p>\r\n<p><a href=\"/contact?form=services#directory\" class=\"btn btn-more\">Start Here</a></p></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088244\"><p class=\"list-featured-header mobile-submenu-item visible-xs\"><a href=\"/technology-and-services\">Overview</a></p></div><div id=\"content-1500088245\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/pre-trade\">Pre-Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/instant-message\">Instant Messaging</a></li><li><a href=\"/technology/cscreen\">Cscreen</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091697\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/trading-apps\">Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/ice-trading-platform\">ICE Trading Platform</a></li><li><a href=\"/technology/options-analytics\">Options Analytics</a></li><li><a href=\"/technology/ice-block\">ICE Block</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500086492\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/post-trade\">Post Trade</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/trade-vault\">Trade Vault</a></li><li><a href=\"/technology/econfirm\">eConfirm</a></li><li><a href=\"/technology/ice-link\">ICE Link</a></li><li><a href=\"https://www.superderivatives.com\">SuperDerivatives</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500091606\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/technology/connectivity\">Ways to Connect</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/technology/direct-connection\">Connectivity & Colocation</a></li><li><a href=\"/technology/internet-connection\">Web & Mobile</a></li><li><a href=\"/technology/isv\">Independent Software Providers (ISV)</a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li><li><a href=\"\"></a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088243\"><p class=\"list-featured-header mobile-submenu-item\">Our Security Commitment</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"/security\">Learn How We Protect Your Information</a></li>\r\n</ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088311\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba\">About IBA</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/licensing\">Licensing & Data</a></li><li><a href=\"/iba/market-status\">Market Status</a></li><li><a href=\"/iba/board-of-directors\">Board of Directors</a></li><li><a href=\"/iba/historical-data\">Historical Data</a></li><li><a href=\"/iba/holiday-calendars\">Holiday Calendar</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088312\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/libor\">ICE LIBOR</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/libor#calculating\">Calculating ICE Libor</a></li><li><a href=\"/iba/libor#panel-composition\">Panel Composition</a></li><li><a href=\"/iba/libor#governance\">Governance & Oversight</a></li><li><a href=\"/iba/libor#fixing-calendar\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500093233\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/ice-swap-rate\">ICE Swap Rate</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/ice-swap-rate#accessing\">Accessing Rates</a></li><li><a href=\"/iba/ice-swap-rate#calculation\">Methodology</a></li><li><a href=\"/iba/ice-swap-rate#venues\">Venues</a></li><li><a href=\"/iba/ice-swap-rate#currencies-tenors\">Currencies, Tenors & Publication Times</a></li><li><a href=\"/iba/ice-swap-rate#governance\">Governance & Oversight</a></li><li><a href=\"/iba/ice-swap-rate#non-publication\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500092153\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/iba/lbma-gold-price\">LBMA Gold Price</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"/iba/lbma-gold-price#methodology\">Methodology</a></li><li><a href=\"/iba/lbma-gold-price#technology\">Technology</a></li><li><a href=\"/iba/lbma-gold-price#auction-process\">Auction Process</a></li><li><a href=\"/iba/lbma-gold-price#participants\">Direct Participants</a></li><li><a href=\"/iba/lbma-gold-price#participation\">Client Participation</a></li><li><a href=\"/iba/lbma-gold-price#publication\">Publication</a></li><li><a href=\"/iba/lbma-gold-price#governance-oversight\">Governance & Oversight</a></li><li><a href=\"/iba/lbma-gold-price#non-publication-days\">Non-Publication Days</a></li><li><a href=\"\"></a></li></ul></div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085149\"><p class=\"list-featured-header mobile-submenu-item spacer-sm\"><a href=\"/iba/contact\">Contact ICE Benchmark Administration</a></p></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088404\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"/marketdata/reports\">See All Reports</a></p><ul class=\"list-featured hidden-xs\"></ul></div></div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500088403\"><p class=\"list-featured-header mobile-submenu-item\">Frequently Accessed Reports</p>\r\n<ul class=\"list-inline list-featured hidden-xs\">\r\n <li><a href=\"/marketdata/reports/10\">ICE Futures Europe End of Day</a></li>\r\n \r\n <li><a href=\"/marketdata/reports/122\">Commitments of Traders</a></li>\r\n <li><a href=\"/marketdata/reports/176\">Daily, MTD, QTD, YTD Volume & OI</a></li>\r\n <li><a href=\"/marketdata/reports/170\">ICE LIBOR Historical Rates</a></li>\r\n \r\n </ul></div></div></div>","<div class=\"row\"><div class=\"true-grid-quarter\"><div><div id=\"content-1500088363\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/market-model\">NYSE Market Model</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/market-model/overview#dmms-2\">Designated Market Makers</a></li><li><a href=\"https://www.nyse.com/market-model/overview#floor-brokers\">Floor Brokers</a></li><li><a href=\"https://www.nyse.com/market-model/overview#slp\">Supplemental Liquidity Providers</a></li><li><a href=\"\"></a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088364\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/corporate-services\">NYSE Executive Solutions</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/corporate-services#investor-relations\">IR Tools</a></li><li><a href=\"https://www.nyse.com/corporate-services/nysegs\">Governance Services</a></li><li><a href=\"https://www.nyse.com/corporate-services/mac-desk\">Market Access Center</a></li><li><a href=\"https://www.nyse.com/corporate-services/bell-to-bell\">Bell-to-Bell Coverage</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500088365\"><div><p class=\"list-featured-header mobile-submenu-item\"><a href=\"https://www.nyse.com/network\">NYSE Network</a></p><ul class=\"list-featured hidden-xs\"><li><a href=\"https://www.nyse.com/the-exchange\">Community</a></li><li><a href=\"https://www.nyse.com/global-visibility\">Global Visibility</a></li><li><a href=\"https://www.nyse.com/bell\">The Bell</a></li><li><a href=\"https://www.nyse.com/events\">Events</a></li></ul></div></div></div></div><div class=\"true-grid-quarter\"><div><div id=\"content-1500093002\"><div class=\"media-promo hidden-xs\">\r\n<img class=\"media-object\" src=\"/publicdocs/cmsdata/ice/images/floor.jpg\" style=\"width: 200px\" alt=\"\">\r\n </div></div></div></div></div><div class=\"row\"><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div><div class=\"true-grid-quarter\"><div></div></div></div><div class=\"hidden-xs\"><div><div id=\"content-1500085134\"><i class=\"logo-nyse\"></i>\r\n<p class=\"list-featured-header mobile-submenu-item\"><strong>Listings Resources</strong></p><a href=\"https://www.nyse.com/get-started\" 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class=\"hidden-xs\"><div></div></div>"]}); renderComponent('Search', '3.0.2', 'content-1500087915', {"frontend":"ice_frontend_html","xslt":"ice_frontend_html","collections":"theICE","classes":"typeahead-search typeahead-search-fullscreen","query":"","placeholder":"Search","minLength":"","mask":"on","emptyOnBlur":"on","elementId":"content-1500087915"}); renderComponent('WebsiteLogin', '1.0.10', 'content-3273ff19-b072-451e-9127-cff690722f2a', {"elementId":"content-3273ff19-b072-451e-9127-cff690722f2a"}); } function renderComponent(name, version, elementId, json) { if (document.getElementById(elementId)) { setTimeout(function() { new window.ICE.components[name + 'Component'][version](json); }); } } var readyPromise = new Promise(function(resolve) { if (document.readyState === 'complete') { return resolve(); } document.addEventListener('DOMContentLoaded', resolve); }); readyPromise.then(renderComponents, renderComponents); }()); </script><div class="container-fluid"><div id="content-8c64b17f-0e57-423c-8e33-96022d754df8"></div><div class="row"><div class="l-main true-grid-10"><div id="content-1500006002"><header class="page-header" data-reactid=".26bcjuswa9s" data-react-checksum="81414051"><div class="page-header-parent" data-reactid=".26bcjuswa9s.0">ICE Benchmark Administration (IBA)</div><h1 data-reactid=".26bcjuswa9s.1">ICE LIBOR</h1></header></div><div class="row"><div class="l-main-column true-grid-7"><div><div id="content-1500093054"><div data-reactid=".1ah2xhh179c" data-react-checksum="766279368"><p class="" data-reactid=".1ah2xhh179c.$0">ICE LIBOR (formerly known as BBA LIBOR) is a benchmark rate produced for five currencies with seven maturities quoted for each - ranging from overnight to 12 months, producing 35 rates each business day.</p><p class="" data-reactid=".1ah2xhh179c.$1">ICE LIBOR provides an indication of the average rate at which a LIBOR contributor bank can obtain unsecured funding in the London interbank market for a given period, in a given currency. Individual ICE LIBOR rates are the end-product of a calculation based upon submissions from LIBOR contributor banks.</p><p class="" data-reactid=".1ah2xhh179c.$2">ICE Benchmark Administration maintains a reference panel of between 11 and 18 contributor banks for each currency calculated. IBA currently fixes in the following five currencies:</p><p class="" data-reactid=".1ah2xhh179c.$3"><ul class="list"><li>CHF (Swiss Franc)<br></li><li>EUR (Euro)<br></li><li>GBP (Pound Sterling)<br></li><li>JPY (Japanese Yen)<br></li><li>USD (US Dollar)</li></ul></p><p class="" data-reactid=".1ah2xhh179c.$4"><hr class="hr-dotted"></p></div></div><div id="content-1500080721"><div data-reactid=".1un8k26q9ds" data-react-checksum="-357675724"><h3 class="secondary-header hide" data-reactid=".1un8k26q9ds.0"></h3><p class="hide" data-reactid=".1un8k26q9ds.1"></p><div class="column-list" data-reactid=".1un8k26q9ds.2"><ul class="column-list-half link-list" data-reactid=".1un8k26q9ds.2.$list-0"><li data-reactid=".1un8k26q9ds.2.$list-0.$0"><a href="/web/20151006051716/https://www.theice.com/publicdocs/IBA_ICE_LIBOR_Overview.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$0.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$0.0.0">ICE Benchmark Administration Limited Overview</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-0.$1"><a href="/web/20151006051716/https://www.theice.com/publicdocs/ICE_LIBOR_Position_Paper.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$1.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$1.0.0">Position Paper on the Evolution of ICE LIBOR - 20 October 2014</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-0.$2"><a href="/web/20151006051716/https://www.theice.com/publicdocs/Usage_of_ICE_LIBOR_Questionnaire.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$2.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$2.0.0">Usage of ICE LIBOR Questionnaire</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-0.$3"><a href="/web/20151006051716/https://www.theice.com/publicdocs/IBA_LIBOR_FAQ.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$3.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$3.0.0">ICE LIBOR Frequently Asked Questions</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-0.$4"><a href="/web/20151006051716/https://www.theice.com/publicdocs/futures/ICE_LIBOR_Error_Policy.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$4.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$4.0.0">ICE LIBOR Error Policy</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-0.$5"><a href="/web/20151006051716/https://www.theice.com/publicdocs/IBA_Error_Policy_Consultation.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-0.$5.0"><span data-reactid=".1un8k26q9ds.2.$list-0.$5.0.0">ICE LIBOR Error Policy Consultation - September 2014</span></a></li></ul><ul class="column-list-half link-list" data-reactid=".1un8k26q9ds.2.$list-1"><li data-reactid=".1un8k26q9ds.2.$list-1.$0"><a href="/web/20151006051716/https://www.theice.com/publicdocs/futures/ICE_LIBOR_Feedback_Error_Policy_Consultation.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-1.$0.0"><span data-reactid=".1un8k26q9ds.2.$list-1.$0.0.0">ICE LIBOR Feedback Statement on Error Policy Consultation</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-1.$1"><a href="/web/20151006051716/https://www.theice.com/publicdocs/futures/IBA_LIBOR_Feedback_Evolution_Statement.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-1.$1.0"><span data-reactid=".1un8k26q9ds.2.$list-1.$1.0.0">Feedback Statement on the Evolution of ICE LIBOR - 1 May 2015</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-1.$2"><a href="/web/20151006051716/https://www.theice.com/publicdocs/ICE_LIBOR_Second_Position_Paper.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-1.$2.0"><span data-reactid=".1un8k26q9ds.2.$list-1.$2.0.0">ICE LIBOR Second Position Paper</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-1.$3"><a href="/web/20151006051716/https://www.theice.com/publicdocs/ICE_LIBOR_Second_Paper_Questions.pdf" target="_blank" data-reactid=".1un8k26q9ds.2.$list-1.$3.0"><span data-reactid=".1un8k26q9ds.2.$list-1.$3.0.0">ICE LIBOR Second Position Paper Questions</span></a></li><li data-reactid=".1un8k26q9ds.2.$list-1.$4"><a href="/web/20151006051716/https://www.theice.com/publicdocs/ICE_LIBOR_Reduced_Submissions_Policy.pdf" data-reactid=".1un8k26q9ds.2.$list-1.$4.0"><span data-reactid=".1un8k26q9ds.2.$list-1.$4.0.0">ICE Libor Reduced Submissions Policy</span></a></li></ul></div><p class="hide" data-reactid=".1un8k26q9ds.3"></p></div></div><div id="content-1500093056"><div data-reactid=".7y497w3z0g" data-react-checksum="-1151928640"><p class="" data-reactid=".7y497w3z0g.$0"><hr class="hr-dotted"></p><h2 class="secondary-header" data-reactid=".7y497w3z0g.$1">Calculating ICE Libor</h2><h3 class="subheader" data-reactid=".7y497w3z0g.$2">DEFINITION</h3><p class="" data-reactid=".7y497w3z0g.$3"><ul class="list"><li>Every contributor bank is asked to base their ICE LIBOR submissions on the following question: “At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11 am London time?”</li><li>Therefore, submissions are based upon the lowest perceived rate at which a bank could go into the London interbank money market and obtain funding in reasonable market size, for a given maturity and currency</li><li>“Reasonable market size” is intentionally unquantified: it would have to be constantly monitored and in the current conditions would have to be changed very frequently. It would also vary between currencies and maturities, leading to a considerable amount of confusion</li><li>All ICE LIBOR rates are quoted as an annualised interest rate. This is a market convention. For example, if an overnight Pound Sterling rate from a contributor bank is given as 2.00000%, this does not indicate that a contributing bank would expect to pay 2% interest on the value of an overnight loan. Instead, it means that it would expect to pay 2% divided by 365</li></ul></p><h3 class="subheader" data-reactid=".7y497w3z0g.$4">CALCULATING ICE LIBOR</h3><p class="" data-reactid=".7y497w3z0g.$5"><ul class="list"><li>Every ICE LIBOR rate is calculated using a trimmed arithmetic mean. Once each submission is received, they are ranked in descending order and then the highest and lowest 25% of submissions are excluded. This trimming of the top and bottom quartiles allows for the exclusion of outliers from the final calculation</li><li>Details are shown in the table below. The remaining contributions are then arithmetically averaged to create an ICE LIBOR rate. This is repeated for every currency and maturity, producing 35 rates every business day</li></ul></p></div></div><div id="content-1500083868"><div data-reactid=".hug9jrshs0" data-react-checksum="2147098126"><div data-reactid=".hug9jrshs0.2"><table class="table table-data undefined" data-reactid=".hug9jrshs0.2.1"><thead data-reactid=".hug9jrshs0.2.1.0"><tr data-reactid=".hug9jrshs0.2.1.0.$0"><td class="" data-reactid=".hug9jrshs0.2.1.0.$0.$0">NUMBER OF CONTRIBUTORS</td><td class="" data-reactid=".hug9jrshs0.2.1.0.$0.$1">METHODOLOGY</td><td class="" data-reactid=".hug9jrshs0.2.1.0.$0.$2">NUMBER OF CONTRIBUTOR RATES AVERAGED</td></tr></thead><tbody data-reactid=".hug9jrshs0.2.1.1"><tr data-reactid=".hug9jrshs0.2.1.1.$0"><td data-reactid=".hug9jrshs0.2.1.1.$0.$0">18 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$0.$1">Top 4 highest rates, tail 4 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$0.$2">10</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$1"><td data-reactid=".hug9jrshs0.2.1.1.$1.$0">17 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$1.$1">Top 4 highest rates, tail 4 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$1.$2">9</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$2"><td data-reactid=".hug9jrshs0.2.1.1.$2.$0">16 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$2.$1">Top 4 highest rates, tail 4 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$2.$2">8</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$3"><td data-reactid=".hug9jrshs0.2.1.1.$3.$0">15 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$3.$1">Top 4 highest rates, tail 4 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$3.$2">7</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$4"><td data-reactid=".hug9jrshs0.2.1.1.$4.$0">14 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$4.$1">Top 3 highest rates, tail 3 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$4.$2">8</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$5"><td data-reactid=".hug9jrshs0.2.1.1.$5.$0">13 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$5.$1">Top 3 highest rates, tail 3 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$5.$2">7</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$6"><td data-reactid=".hug9jrshs0.2.1.1.$6.$0">12 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$6.$1">Top 3 highest rates, tail 3 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$6.$2">6</td></tr><tr data-reactid=".hug9jrshs0.2.1.1.$7"><td data-reactid=".hug9jrshs0.2.1.1.$7.$0">11 Contributors</td><td data-reactid=".hug9jrshs0.2.1.1.$7.$1">Top 3 highest rates, tail 3 lowest rates</td><td data-reactid=".hug9jrshs0.2.1.1.$7.$2">5</td></tr></tbody><tfoot data-reactid=".hug9jrshs0.2.1.2"></tfoot></table></div></div></div><div id="content-1500093058"><div data-reactid=".b9cboe5szk" data-react-checksum="-1659743043"><h3 class="subheader" data-reactid=".b9cboe5szk.$0">WHAT IS ICE LIBOR USED FOR?</h3><p class="" data-reactid=".b9cboe5szk.$1"><ul class="list"><li>ICE LIBOR is the primary benchmark for short term interest rates globally. It is written into standard derivative and loan documentation, such as the ISDA terms, and is used for an increasing range of retail products such as mortgages and student loans</li><li>It is also used as a barometer to measure the health of the banking system and as a gauge of market expectation for future central bank interest rates. It is the basis for settlement of interest rate contracts on many of the world's major futures and options exchanges</li></ul></p><p class="" data-reactid=".b9cboe5szk.$2"><ul class="link-list"><li><a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/futures/ICE_LIBOR_Reported_Errors.pdf">Reported Errors</a></li></ul></p><p class="" data-reactid=".b9cboe5szk.$3"><hr class="hr-dotted"></p></div></div><div id="content-1500093059"><div data-reactid=".29vc13k3f9c" data-react-checksum="-1896760178"><h2 class="secondary-header" data-reactid=".29vc13k3f9c.0">Panel Composition</h2><p data-reactid=".29vc13k3f9c.1"><ul class="link-list"> <li><a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/futures/Policy_Composition_ICE_LIBOR_Panels.pdf">Policy on Composition of the ICE LIBOR Panels</a></li></ul></p><div data-reactid=".29vc13k3f9c.2"><table class="table table-data undefined" data-reactid=".29vc13k3f9c.2.1"><thead data-reactid=".29vc13k3f9c.2.1.0"><tr data-reactid=".29vc13k3f9c.2.1.0.$0"><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$0">BANK/CCY</td><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$1">USD</td><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$2">GBP</td><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$3">EUR</td><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$4">CHF</td><td class="" data-reactid=".29vc13k3f9c.2.1.0.$0.$5">JPY</td></tr></thead><tbody data-reactid=".29vc13k3f9c.2.1.1"><tr data-reactid=".29vc13k3f9c.2.1.1.$0"><td data-reactid=".29vc13k3f9c.2.1.1.$0.$0">Lloyds TSB Bank plc</td><td data-reactid=".29vc13k3f9c.2.1.1.$0.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$0.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$0.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$0.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$0.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$1"><td data-reactid=".29vc13k3f9c.2.1.1.$1.$0">Bank of America N.A. (London Branch)</td><td data-reactid=".29vc13k3f9c.2.1.1.$1.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$1.$2"></td><td data-reactid=".29vc13k3f9c.2.1.1.$1.$3"></td><td data-reactid=".29vc13k3f9c.2.1.1.$1.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$1.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$2"><td data-reactid=".29vc13k3f9c.2.1.1.$2.$0">Barclays Bank plc</td><td data-reactid=".29vc13k3f9c.2.1.1.$2.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$2.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$2.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$2.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$2.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$3"><td data-reactid=".29vc13k3f9c.2.1.1.$3.$0">BNP Paribas SA, London Branch</td><td data-reactid=".29vc13k3f9c.2.1.1.$3.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$3.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$3.$3"></td><td data-reactid=".29vc13k3f9c.2.1.1.$3.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$3.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$4"><td data-reactid=".29vc13k3f9c.2.1.1.$4.$0">Citibank N.A. (London Branch)</td><td data-reactid=".29vc13k3f9c.2.1.1.$4.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$4.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$4.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$4.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$4.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$5"><td data-reactid=".29vc13k3f9c.2.1.1.$5.$0">Crédit Agricole Corporate & Investment Bank</td><td data-reactid=".29vc13k3f9c.2.1.1.$5.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$5.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$5.$3"></td><td data-reactid=".29vc13k3f9c.2.1.1.$5.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$5.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$6"><td data-reactid=".29vc13k3f9c.2.1.1.$6.$0">Credit Suisse AG (London Branch)</td><td data-reactid=".29vc13k3f9c.2.1.1.$6.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$6.$2"></td><td data-reactid=".29vc13k3f9c.2.1.1.$6.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$6.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$6.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$7"><td data-reactid=".29vc13k3f9c.2.1.1.$7.$0">Deutsche Bank AG (London Branch)</td><td data-reactid=".29vc13k3f9c.2.1.1.$7.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$7.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$7.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$7.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$7.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$8"><td data-reactid=".29vc13k3f9c.2.1.1.$8.$0">HSBC Bank plc</td><td data-reactid=".29vc13k3f9c.2.1.1.$8.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$8.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$8.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$8.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$8.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$9"><td data-reactid=".29vc13k3f9c.2.1.1.$9.$0">JPMorgan Chase Bank, N.A. London Branch</td><td data-reactid=".29vc13k3f9c.2.1.1.$9.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$9.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$9.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$9.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$9.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$10"><td data-reactid=".29vc13k3f9c.2.1.1.$10.$0">Bank of Tokyo-Mitsubishi UFJ Ltd</td><td data-reactid=".29vc13k3f9c.2.1.1.$10.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$10.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$10.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$10.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$10.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$11"><td data-reactid=".29vc13k3f9c.2.1.1.$11.$0">Mizuho Bank, Ltd.</td><td data-reactid=".29vc13k3f9c.2.1.1.$11.$1"></td><td data-reactid=".29vc13k3f9c.2.1.1.$11.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$11.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$11.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$11.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$12"><td data-reactid=".29vc13k3f9c.2.1.1.$12.$0">Rabobank Intl CCRB (Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A)</td><td data-reactid=".29vc13k3f9c.2.1.1.$12.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$12.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$12.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$12.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$12.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$13"><td data-reactid=".29vc13k3f9c.2.1.1.$13.$0">Royal Bank of Canada</td><td data-reactid=".29vc13k3f9c.2.1.1.$13.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$13.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$13.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$13.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$13.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$14"><td data-reactid=".29vc13k3f9c.2.1.1.$14.$0">Santander UK Plc</td><td data-reactid=".29vc13k3f9c.2.1.1.$14.$1"></td><td data-reactid=".29vc13k3f9c.2.1.1.$14.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$14.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$14.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$14.$5"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$15"><td data-reactid=".29vc13k3f9c.2.1.1.$15.$0">Société Générale (London Branch)</td><td data-reactid=".29vc13k3f9c.2.1.1.$15.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$15.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$15.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$15.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$15.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$16"><td data-reactid=".29vc13k3f9c.2.1.1.$16.$0">Sumitomo Mitsui Banking Corporation Europe Limited</td><td data-reactid=".29vc13k3f9c.2.1.1.$16.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$16.$2"></td><td data-reactid=".29vc13k3f9c.2.1.1.$16.$3"></td><td data-reactid=".29vc13k3f9c.2.1.1.$16.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$16.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$17"><td data-reactid=".29vc13k3f9c.2.1.1.$17.$0">The Norinchukin Bank</td><td data-reactid=".29vc13k3f9c.2.1.1.$17.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$17.$2"></td><td data-reactid=".29vc13k3f9c.2.1.1.$17.$3"></td><td data-reactid=".29vc13k3f9c.2.1.1.$17.$4"></td><td data-reactid=".29vc13k3f9c.2.1.1.$17.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$18"><td data-reactid=".29vc13k3f9c.2.1.1.$18.$0">The Royal Bank of Scotland plc</td><td data-reactid=".29vc13k3f9c.2.1.1.$18.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$18.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$18.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$18.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$18.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr><tr data-reactid=".29vc13k3f9c.2.1.1.$19"><td data-reactid=".29vc13k3f9c.2.1.1.$19.$0">UBS AG</td><td data-reactid=".29vc13k3f9c.2.1.1.$19.$1"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$19.$2"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$19.$3"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$19.$4"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td><td data-reactid=".29vc13k3f9c.2.1.1.$19.$5"><img src="https://web.archive.org/web/20151006051716im_/https://www.theice.com/publicdocs/images/blt_Default.png"></td></tr></tbody><tfoot data-reactid=".29vc13k3f9c.2.1.2"></tfoot></table></div><p data-reactid=".29vc13k3f9c.3"><hr class="hr-dotted"></p></div></div><div id="content-1500083878"><div data-reactid=".27bvy2zyvpc" data-react-checksum="494285834"><h2 class="secondary-header" data-reactid=".27bvy2zyvpc.0">Governance & Oversight</h2><p data-reactid=".27bvy2zyvpc.1">The principal committee of the IBA is the Oversight Committee which oversees the industry-led Code of Conduct. The Oversight Committee is comprised of benchmark submitters, benchmark users, Independent Non-Executive Directors and other relevant experts, working together to return credibility to LIBOR and ensure its continued relevance. IBA has developed a <a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/IBA_conflicts_of_interest_policy.pdf" target="_blank">Conflicts of Interest Policy</a> to apply specifically to IBA’s regulated activities. IBA will consult publicly from time to time on proposed changes in relation to ICE LIBOR. <ul class="link-list"> <li><a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/IBA_consultation_process.pdf" target="_blank">IBA Consultation Process</a></li></ul></p><div data-reactid=".27bvy2zyvpc.2"><table class="table table-data undefined" data-reactid=".27bvy2zyvpc.2.1"><thead data-reactid=".27bvy2zyvpc.2.1.0"><tr data-reactid=".27bvy2zyvpc.2.1.0.$0"><td class="" data-reactid=".27bvy2zyvpc.2.1.0.$0.$0">NAME</td><td class="" data-reactid=".27bvy2zyvpc.2.1.0.$0.$1">COMPANY</td><td class="" data-reactid=".27bvy2zyvpc.2.1.0.$0.$2">COMMITTEE POSITION</td></tr></thead><tbody data-reactid=".27bvy2zyvpc.2.1.1"><tr data-reactid=".27bvy2zyvpc.2.1.1.$0"><td data-reactid=".27bvy2zyvpc.2.1.1.$0.$0">Mary Miller (Chairperson)</td><td data-reactid=".27bvy2zyvpc.2.1.1.$0.$1">IBA INED</td><td data-reactid=".27bvy2zyvpc.2.1.1.$0.$2">Non-Executive Director</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$1"><td data-reactid=".27bvy2zyvpc.2.1.1.$1.$0">Brad Hurrell</td><td data-reactid=".27bvy2zyvpc.2.1.1.$1.$1">Barclays</td><td data-reactid=".27bvy2zyvpc.2.1.1.$1.$2">Benchmark Submitter</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$2"><td data-reactid=".27bvy2zyvpc.2.1.1.$2.$0">David Clark</td><td data-reactid=".27bvy2zyvpc.2.1.1.$2.$1">WMBA</td><td data-reactid=".27bvy2zyvpc.2.1.1.$2.$2">Association Representative</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$3"><td data-reactid=".27bvy2zyvpc.2.1.1.$3.$0">Finbarr Hutcheson</td><td data-reactid=".27bvy2zyvpc.2.1.1.$3.$1">IBA President</td><td data-reactid=".27bvy2zyvpc.2.1.1.$3.$2">Ex Officio</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$4"><td data-reactid=".27bvy2zyvpc.2.1.1.$4.$0">David Goone</td><td data-reactid=".27bvy2zyvpc.2.1.1.$4.$1">ICE Futures</td><td data-reactid=".27bvy2zyvpc.2.1.1.$4.$2">Ex Officio</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$5"><td data-reactid=".27bvy2zyvpc.2.1.1.$5.$0">Sébastien Kraenzlin</td><td data-reactid=".27bvy2zyvpc.2.1.1.$5.$1">Swiss National Bank</td><td data-reactid=".27bvy2zyvpc.2.1.1.$5.$2">Observer</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$6"><td data-reactid=".27bvy2zyvpc.2.1.1.$6.$0">George Handjinicolaou</td><td data-reactid=".27bvy2zyvpc.2.1.1.$6.$1">ISDA</td><td data-reactid=".27bvy2zyvpc.2.1.1.$6.$2">Association Representative</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$7"><td data-reactid=".27bvy2zyvpc.2.1.1.$7.$0">Kevin Ludwick</td><td data-reactid=".27bvy2zyvpc.2.1.1.$7.$1">Bank of Tokyo Mitsubishi</td><td data-reactid=".27bvy2zyvpc.2.1.1.$7.$2">Benchmark Submitter</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$8"><td data-reactid=".27bvy2zyvpc.2.1.1.$8.$0">Richard Kennedy</td><td data-reactid=".27bvy2zyvpc.2.1.1.$8.$1">UBS</td><td data-reactid=".27bvy2zyvpc.2.1.1.$8.$2">Benchmark Submitter</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$9"><td data-reactid=".27bvy2zyvpc.2.1.1.$9.$0">Will Parry</td><td data-reactid=".27bvy2zyvpc.2.1.1.$9.$1">Bank of England</td><td data-reactid=".27bvy2zyvpc.2.1.1.$9.$2">Observer</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$10"><td data-reactid=".27bvy2zyvpc.2.1.1.$10.$0">Clare Dawson</td><td data-reactid=".27bvy2zyvpc.2.1.1.$10.$1">LMA</td><td data-reactid=".27bvy2zyvpc.2.1.1.$10.$2">Association Representative</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$11"><td data-reactid=".27bvy2zyvpc.2.1.1.$11.$0">John Grout</td><td data-reactid=".27bvy2zyvpc.2.1.1.$11.$1">The Association of Corporate Treasurers</td><td data-reactid=".27bvy2zyvpc.2.1.1.$11.$2">Association Representative</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$12"><td data-reactid=".27bvy2zyvpc.2.1.1.$12.$0">John Harding</td><td data-reactid=".27bvy2zyvpc.2.1.1.$12.$1">ICE</td><td data-reactid=".27bvy2zyvpc.2.1.1.$12.$2">Market Infrastructure Provider</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$13"><td data-reactid=".27bvy2zyvpc.2.1.1.$13.$0">David Bowman</td><td data-reactid=".27bvy2zyvpc.2.1.1.$13.$1">Federal Reserve System</td><td data-reactid=".27bvy2zyvpc.2.1.1.$13.$2">Observer</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$14"><td data-reactid=".27bvy2zyvpc.2.1.1.$14.$0">Michel Prada</td><td data-reactid=".27bvy2zyvpc.2.1.1.$14.$1">IBA INED</td><td data-reactid=".27bvy2zyvpc.2.1.1.$14.$2">Non-Executive Director</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$15"><td data-reactid=".27bvy2zyvpc.2.1.1.$15.$0">Guy Sears</td><td data-reactid=".27bvy2zyvpc.2.1.1.$15.$1">IMA</td><td data-reactid=".27bvy2zyvpc.2.1.1.$15.$2">Association Representative</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$16"><td data-reactid=".27bvy2zyvpc.2.1.1.$16.$0">Frederick Sturm</td><td data-reactid=".27bvy2zyvpc.2.1.1.$16.$1">CME Group</td><td data-reactid=".27bvy2zyvpc.2.1.1.$16.$2">Market Infrastructure Provider</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$17"><td data-reactid=".27bvy2zyvpc.2.1.1.$17.$0">André Villeneuve</td><td data-reactid=".27bvy2zyvpc.2.1.1.$17.$1">IBA Chairman</td><td data-reactid=".27bvy2zyvpc.2.1.1.$17.$2">Non-Executive Director</td></tr><tr data-reactid=".27bvy2zyvpc.2.1.1.$18"><td data-reactid=".27bvy2zyvpc.2.1.1.$18.$0">Paul Watson</td><td data-reactid=".27bvy2zyvpc.2.1.1.$18.$1">HSBC</td><td data-reactid=".27bvy2zyvpc.2.1.1.$18.$2">Benchmark Submitter</td></tr></tbody><tfoot data-reactid=".27bvy2zyvpc.2.1.2"></tfoot></table></div><p data-reactid=".27bvy2zyvpc.3"><div class="column-list"> <ul class="column-list-half link-list"> <li><a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/Oversight_Committee_Terms_of_Reference_20140424.pdf" target="_blank">Oversight Committee Terms of Reference</a></li></ul> <ul class="column-list-half link-list"> <li><a href="https://web.archive.org/web/20151006051716/https://www.theice.com/publicdocs/Oversight_Committee_Nominations.pdf" target="_blank">Nominations to the Oversight Committee</a></li></ul> </div> </p></div></div><div id="content-1500083865"><div data-reactid=".1r0vttkmvb4" data-react-checksum="-670040645"><div class="" data-reactid=".1r0vttkmvb4.0"><a id="governance" title="Oversight Committee Meeting Minutes" data-reactid=".1r0vttkmvb4.0.0"></a><div class="hide" data-reactid=".1r0vttkmvb4.0.1"></div><h3 class="collapsible-section-header" data-reactid=".1r0vttkmvb4.0.2">Oversight Committee Meeting Minutes</h3><div class="collapsible-section-collapsed-content" data-reactid=".1r0vttkmvb4.0.3"></div><div class="collapsible-section-expanded-content" data-reactid=".1r0vttkmvb4.0.4"><div class="" data-reactid=".1r0vttkmvb4.0.4.0"></div><div class="dynamic-content has-loader is-loading hide" data-reactid=".1r0vttkmvb4.0.4.1"></div><div class="has-loader" data-reactid=".1r0vttkmvb4.0.4.2"></div></div></div></div></div><div id="content-1500093062"><div data-reactid=".1txm2gxfz0g" data-react-checksum="-1929096275"><h2 class="secondary-header" data-reactid=".1txm2gxfz0g.0">Non-Publication Days</h2><p data-reactid=".1txm2gxfz0g.1">ICE LIBOR is not published on certain days. The following tables set out the relevant holidays for the different currencies & tenors. Specific days for each year are available on the <a href="https://web.archive.org/web/20151006051716/https://www.theice.com/iba/holiday-calendars" target="_blank">Holiday Calendars</a> page.</p><div data-reactid=".1txm2gxfz0g.2"><table class="table table-data undefined" data-reactid=".1txm2gxfz0g.2.1"><thead data-reactid=".1txm2gxfz0g.2.1.0"><tr data-reactid=".1txm2gxfz0g.2.1.0.$0"><td class="" data-reactid=".1txm2gxfz0g.2.1.0.$0.$0">PUBLIC HOLIDAY</td><td class="" data-reactid=".1txm2gxfz0g.2.1.0.$0.$1">MATURITIES AFFECTED</td></tr></thead><tbody data-reactid=".1txm2gxfz0g.2.1.1"><tr data-reactid=".1txm2gxfz0g.2.1.1.$0"><td data-reactid=".1txm2gxfz0g.2.1.1.$0.$0">New Year's Day (1st January)</td><td data-reactid=".1txm2gxfz0g.2.1.1.$0.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$1"><td data-reactid=".1txm2gxfz0g.2.1.1.$1.$0">Good Friday</td><td data-reactid=".1txm2gxfz0g.2.1.1.$1.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$2"><td data-reactid=".1txm2gxfz0g.2.1.1.$2.$0">Easter Monday</td><td data-reactid=".1txm2gxfz0g.2.1.1.$2.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$3"><td data-reactid=".1txm2gxfz0g.2.1.1.$3.$0">Early May Bank Holiday</td><td data-reactid=".1txm2gxfz0g.2.1.1.$3.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$4"><td data-reactid=".1txm2gxfz0g.2.1.1.$4.$0">Spring Bank Holiday</td><td data-reactid=".1txm2gxfz0g.2.1.1.$4.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$5"><td data-reactid=".1txm2gxfz0g.2.1.1.$5.$0">Summer Bank Holiday</td><td data-reactid=".1txm2gxfz0g.2.1.1.$5.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$6"><td data-reactid=".1txm2gxfz0g.2.1.1.$6.$0">Christmas Day</td><td data-reactid=".1txm2gxfz0g.2.1.1.$6.$1">All currencies and tenors</td></tr><tr data-reactid=".1txm2gxfz0g.2.1.1.$7"><td data-reactid=".1txm2gxfz0g.2.1.1.$7.$0">Boxing Day (26th December)</td><td data-reactid=".1txm2gxfz0g.2.1.1.$7.$1">All currencies and tenors</td></tr></tbody><tfoot data-reactid=".1txm2gxfz0g.2.1.2"></tfoot></table></div><p data-reactid=".1txm2gxfz0g.3">In addition, there is no LIBOR fixing in some currencies and tenors if the fixing date is a holiday in the major financial centre for the respective currency. <hr class="hr-dotted"></p></div></div><div id="content-1500093063"><div data-reactid=".owcfnex1j4" data-react-checksum="344858133"><h2 class="secondary-header" data-reactid=".owcfnex1j4.0">EURO</h2><div data-reactid=".owcfnex1j4.2"><table class="table table-data undefined" data-reactid=".owcfnex1j4.2.1"><thead data-reactid=".owcfnex1j4.2.1.0"><tr data-reactid=".owcfnex1j4.2.1.0.$0"><td class="" data-reactid=".owcfnex1j4.2.1.0.$0.$0">PUBLIC HOLIDAY</td><td class="" data-reactid=".owcfnex1j4.2.1.0.$0.$1">MATURITIES AFFECTED</td></tr></thead><tbody data-reactid=".owcfnex1j4.2.1.1"><tr data-reactid=".owcfnex1j4.2.1.1.$0"><td data-reactid=".owcfnex1j4.2.1.1.$0.$0">Labour Day (1st May)*</td><td data-reactid=".owcfnex1j4.2.1.1.$0.$1">Overnight Only</td></tr></tbody><tfoot data-reactid=".owcfnex1j4.2.1.2"></tfoot></table></div><p data-reactid=".owcfnex1j4.3"></p><p class="disclaimer">*This holiday only impacts LIBOR if the holiday falls on a weekday.</p> <hr class="hr-dotted"><p></p></div></div><div id="content-1500093064"><div data-reactid=".16jnpniq680" data-react-checksum="-65441642"><h2 class="secondary-header" data-reactid=".16jnpniq680.0">U.S. Dollar</h2><div data-reactid=".16jnpniq680.2"><table class="table table-data undefined" data-reactid=".16jnpniq680.2.1"><thead data-reactid=".16jnpniq680.2.1.0"><tr data-reactid=".16jnpniq680.2.1.0.$0"><td class="" data-reactid=".16jnpniq680.2.1.0.$0.$0">PUBLIC HOLIDAY</td><td class="" data-reactid=".16jnpniq680.2.1.0.$0.$1">MATURITIES AFFECTED</td></tr></thead><tbody data-reactid=".16jnpniq680.2.1.1"><tr data-reactid=".16jnpniq680.2.1.1.$0"><td data-reactid=".16jnpniq680.2.1.1.$0.$0">Martin L King's Birthday</td><td data-reactid=".16jnpniq680.2.1.1.$0.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$1"><td data-reactid=".16jnpniq680.2.1.1.$1.$0">President's Day</td><td data-reactid=".16jnpniq680.2.1.1.$1.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$2"><td data-reactid=".16jnpniq680.2.1.1.$2.$0">Independence Day (4th July)*</td><td data-reactid=".16jnpniq680.2.1.1.$2.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$3"><td data-reactid=".16jnpniq680.2.1.1.$3.$0">Labour Day</td><td data-reactid=".16jnpniq680.2.1.1.$3.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$4"><td data-reactid=".16jnpniq680.2.1.1.$4.$0">Columbus Day</td><td data-reactid=".16jnpniq680.2.1.1.$4.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$5"><td data-reactid=".16jnpniq680.2.1.1.$5.$0">Veteran's Day</td><td data-reactid=".16jnpniq680.2.1.1.$5.$1">Overnight Only</td></tr><tr data-reactid=".16jnpniq680.2.1.1.$6"><td data-reactid=".16jnpniq680.2.1.1.$6.$0">Thanksgiving Day</td><td data-reactid=".16jnpniq680.2.1.1.$6.$1">Overnight Only</td></tr></tbody><tfoot data-reactid=".16jnpniq680.2.1.2"></tfoot></table></div><p data-reactid=".16jnpniq680.3"></p><p class="disclaimer">*This holiday only impacts LIBOR if the holiday falls on a weekday. <br> JPY and CHF fixings are not affected by local holidays.</p> <hr class="hr-dotted"><p></p></div></div><div id="content-1500083945"><div data-reactid=".fjc1e9fvuo" data-react-checksum="-983188177"><h3 class="secondary-header" data-reactid=".fjc1e9fvuo.0">Embargo Policy</h3><p class="hide" data-reactid=".fjc1e9fvuo.1"></p><div class="column-list" data-reactid=".fjc1e9fvuo.2"><ul class="column-list-full link-list" data-reactid=".fjc1e9fvuo.2.$list-0"><li data-reactid=".fjc1e9fvuo.2.$list-0.$0"><a 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src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-page-header/4.0.0/page-header-component.min.js"></script><script src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-partial/3.0.0/partial-component.min.js"></script><script src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-text-paragraphs/4.0.2/text-paragraphs-component.min.js"></script><script src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-text-header-with-list/3.0.2/text-header-with-list-component.min.js"></script><script src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-table-with-paragraph/3.0.3/table-with-paragraph-component.min.js"></script><script src="//web.archive.org/web/20151006051716js_/https://static.theice.com/cms-collapsible-section/4.1.4/collapsible-section-component.min.js"></script><script> (function() { window.ICE = window.ICE || {}; function renderComponents() { renderComponent('BusinessUnitAlert', '3.0.0', 'content-8c64b17f-0e57-423c-8e33-96022d754df8', { "elementId" : "content-8c64b17f-0e57-423c-8e33-96022d754df8" }); renderComponent('PageHeader', '4.0.0', 'content-1500006002', {"header":"ICE LIBOR","parentHeader":"ICE Benchmark Administration (IBA)","elementId":"content-1500006002"}); renderComponent('Partial', '3.0.0', 'content-1500065299', {"partialPageName":"Side Nav IBA","partialPageURL":"/side-nav/iba","elementId":"content-1500065299"}); renderComponent('TextParagraphs', '4.0.2', 'content-1500093054', {"sections":[{"type":"paragraph","content":"ICE LIBOR (formerly known as BBA LIBOR) is a benchmark rate produced for five currencies with seven maturities quoted for each - ranging from overnight to 12 months, producing 35 rates each business day.","className":""},{"type":"paragraph","content":"ICE LIBOR provides an indication of the average rate at which a LIBOR contributor bank can obtain unsecured funding in the London interbank market for a given period, in a given currency. Individual ICE LIBOR rates are the end-product of a calculation based upon submissions from LIBOR contributor banks.","className":""},{"type":"paragraph","content":"ICE Benchmark Administration maintains a reference panel of between 11 and 18 contributor banks for each currency calculated. IBA currently fixes in the following five currencies:","className":""},{"type":"paragraph","content":"<ul class=\"list\"><li>CHF (Swiss Franc)<br/><li>EUR (Euro)<br/><li>GBP (Pound Sterling)<br/><li>JPY (Japanese Yen)<br/><li>USD (US Dollar)</li></ul>","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""}],"elementId":"content-1500093054"}); renderComponent('TextHeaderWithList', '3.0.2', 'content-1500080721', {"header":"","content":"","footer":"","lists":[{"type":"links","items":[{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE Benchmark Administration Limited Overview","link":{"href":"/publicdocs/IBA_ICE_LIBOR_Overview.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"Position Paper on the Evolution of ICE LIBOR - 20 October 2014","link":{"href":"/publicdocs/ICE_LIBOR_Position_Paper.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"Usage of ICE LIBOR Questionnaire","link":{"href":"/publicdocs/Usage_of_ICE_LIBOR_Questionnaire.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Frequently Asked Questions","link":{"href":"/publicdocs/IBA_LIBOR_FAQ.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Error Policy","link":{"href":"/publicdocs/futures/ICE_LIBOR_Error_Policy.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Error Policy Consultation - September 2014","link":{"href":"/publicdocs/IBA_Error_Policy_Consultation.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}}]},{"type":"links","items":[{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Feedback Statement on Error Policy Consultation","link":{"href":"/publicdocs/futures/ICE_LIBOR_Feedback_Error_Policy_Consultation.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"Feedback Statement on the Evolution of ICE LIBOR - 1 May 2015","link":{"href":"/publicdocs/futures/IBA_LIBOR_Feedback_Evolution_Statement.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Second Position Paper","link":{"href":"/publicdocs/ICE_LIBOR_Second_Position_Paper.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE LIBOR Second Position Paper Questions","link":{"href":"/publicdocs/ICE_LIBOR_Second_Paper_Questions.pdf","className":"","title":"","id":"","rel":"","target":"_blank"},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}},{"type":"link","quicklink-name":"","quicklink-id":"","text":"ICE Libor Reduced Submissions Policy","link":{"href":"/publicdocs/ICE_LIBOR_Reduced_Submissions_Policy.pdf","className":"","title":"","id":"","rel":"","target":""},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}}]}],"elementId":"content-1500080721"}); renderComponent('TextParagraphs', '4.0.2', 'content-1500093056', {"sections":[{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""},{"type":"header","content":"Calculating ICE Libor","className":"secondary-header"},{"type":"subheader","content":"DEFINITION","className":"subheader"},{"type":"paragraph","content":"<ul class=\"list\"><li>Every contributor bank is asked to base their ICE LIBOR submissions on the following question: “At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11 am London time?”</li><li>Therefore, submissions are based upon the lowest perceived rate at which a bank could go into the London interbank money market and obtain funding in reasonable market size, for a given maturity and currency</li><li>“Reasonable market size” is intentionally unquantified: it would have to be constantly monitored and in the current conditions would have to be changed very frequently. It would also vary between currencies and maturities, leading to a considerable amount of confusion</li><li>All ICE LIBOR rates are quoted as an annualised interest rate. This is a market convention. For example, if an overnight Pound Sterling rate from a contributor bank is given as 2.00000%, this does not indicate that a contributing bank would expect to pay 2% interest on the value of an overnight loan. Instead, it means that it would expect to pay 2% divided by 365</li></ul>","className":""},{"type":"subheader","content":"CALCULATING ICE LIBOR","className":"subheader"},{"type":"paragraph","content":"<ul class=\"list\"><li>Every ICE LIBOR rate is calculated using a trimmed arithmetic mean. Once each submission is received, they are ranked in descending order and then the highest and lowest 25% of submissions are excluded. This trimming of the top and bottom quartiles allows for the exclusion of outliers from the final calculation</li><li>Details are shown in the table below. The remaining contributions are then arithmetically averaged to create an ICE LIBOR rate. This is repeated for every currency and maturity, producing 35 rates every business day</li></ul>","className":""}],"elementId":"content-1500093056"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500083868', {"header":"","topParagraph":"","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"NUMBER OF CONTRIBUTORS\"},{\"content\":\"METHODOLOGY\"},{\"content\":\"NUMBER OF CONTRIBUTOR RATES AVERAGED\"}]}],\"body\":[{\"cells\":[{\"content\":\"18 Contributors\"},{\"content\":\"Top 4 highest rates, tail 4 lowest rates\"},{\"content\":\"10\"}]},{\"cells\":[{\"content\":\"17 Contributors\"},{\"content\":\"Top 4 highest rates, tail 4 lowest rates\"},{\"content\":\"9\"}]},{\"cells\":[{\"content\":\"16 Contributors\"},{\"content\":\"Top 4 highest rates, tail 4 lowest rates\"},{\"content\":\"8\"}]},{\"cells\":[{\"content\":\"15 Contributors\"},{\"content\":\"Top 4 highest rates, tail 4 lowest rates\"},{\"content\":\"7\"}]},{\"cells\":[{\"content\":\"14 Contributors\"},{\"content\":\"Top 3 highest rates, tail 3 lowest rates\"},{\"content\":\"8\"}]},{\"cells\":[{\"content\":\"13 Contributors\"},{\"content\":\"Top 3 highest rates, tail 3 lowest rates\"},{\"content\":\"7\"}]},{\"cells\":[{\"content\":\"12 Contributors\"},{\"content\":\"Top 3 highest rates, tail 3 lowest rates\"},{\"content\":\"6\"}]},{\"cells\":[{\"content\":\"11 Contributors\"},{\"content\":\"Top 3 highest rates, tail 3 lowest rates\"},{\"content\":\"5\"}]}],\"foot\":[]}","bottomParagraph":"","elementId":"content-1500083868"}); renderComponent('TextParagraphs', '4.0.2', 'content-1500093058', {"sections":[{"type":"subheader","content":"WHAT IS ICE LIBOR USED FOR?","className":"subheader"},{"type":"paragraph","content":"<ul class=\"list\"><li>ICE LIBOR is the primary benchmark for short term interest rates globally. It is written into standard derivative and loan documentation, such as the ISDA terms, and is used for an increasing range of retail products such as mortgages and student loans</li><li>It is also used as a barometer to measure the health of the banking system and as a gauge of market expectation for future central bank interest rates. It is the basis for settlement of interest rate contracts on many of the world's major futures and options exchanges</li></ul>","className":""},{"type":"paragraph","content":"<ul class=\"link-list\"><li><a href=\"https://www.theice.com/publicdocs/futures/ICE_LIBOR_Reported_Errors.pdf\">Reported Errors</a></li></ul>","className":""},{"type":"paragraph","content":"<hr class=\"hr-dotted\">","className":""}],"elementId":"content-1500093058"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500093059', {"header":"Panel Composition","topParagraph":"<ul class=\"link-list\">\r\n <li><a href=\"https://www.theice.com/publicdocs/futures/Policy_Composition_ICE_LIBOR_Panels.pdf\">Policy on Composition of the ICE LIBOR Panels</a></li></ul>","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"BANK/CCY\"},{\"content\":\"USD\"},{\"content\":\"GBP\"},{\"content\":\"EUR\"},{\"content\":\"CHF\"},{\"content\":\"JPY\"}]}],\"body\":[{\"cells\":[{\"content\":\"Lloyds TSB Bank plc\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Bank of Tokyo-Mitsubishi UFJ Ltd\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Barclays Bank plc\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Mizuho Bank, Ltd.\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Citibank N.A. (London Branch)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"Rabobank Intl CCRB (Cooperatieve Centrale\\nRaiffeisen - Boerenleenbank B.A)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"Credit Suisse AG (London Branch)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"Royal Bank of Canada\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"HSBC Bank plc\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Santander UK Plc\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"Bank of America N.A. (London Branch)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"BNP Paribas SA, London Branch\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"\"}]},{\"cells\":[{\"content\":\"Crédit Agricole Corporate & Investment Bank\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Deutsche Bank AG (London Branch)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"JPMorgan Chase Bank, N.A. London Branch\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Société Générale (London Branch)\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"Sumitomo Mitsui Banking Corporation\\nEurope Limited\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"The Norinchukin Bank\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"The Royal Bank of Scotland plc\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]},{\"cells\":[{\"content\":\"UBS AG\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"},{\"content\":\"<img src=\\\"https://www.theice.com/publicdocs/images/blt_Default.png\\\">\"}]}],\"foot\":[]}","bottomParagraph":"<hr class=\"hr-dotted\">","elementId":"content-1500093059"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500083878', {"header":"Governance & Oversight","topParagraph":"The principal committee of the IBA is the Oversight Committee which oversees the industry-led Code of Conduct. The Oversight Committee is comprised of benchmark submitters, benchmark users, Independent Non-Executive Directors and other relevant experts, working together to return credibility to LIBOR and ensure its continued relevance.\r\n\r\nIBA has developed a <a href=\"https://www.theice.com/publicdocs/IBA_conflicts_of_interest_policy.pdf\" target=\"_blank\">Conflicts of Interest Policy</a> to apply specifically to IBA’s regulated activities.\r\n\r\nIBA will consult publicly from time to time on proposed changes in relation to ICE LIBOR.\r\n\r\n<ul class=\"link-list\">\r\n<li><a href=\"https://www.theice.com/publicdocs/IBA_consultation_process.pdf\" target=\"_blank\">IBA Consultation Process</a></li>","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"NAME\"},{\"content\":\"COMPANY\"},{\"content\":\"COMMITTEE POSITION\"}],\"index\":0}],\"body\":[{\"cells\":[{\"content\":\"Mary Miller (Chairperson)\"},{\"content\":\"IBA INED\"},{\"content\":\"Non-Executive Director\"}],\"index\":0},{\"cells\":[{\"content\":\"David Bowman\"},{\"content\":\"Federal Reserve System\"},{\"content\":\"Observer\"}],\"index\":1},{\"cells\":[{\"content\":\"David Clark\"},{\"content\":\"WMBA\"},{\"content\":\"Association Representative\"}]},{\"cells\":[{\"content\":\"Clare Dawson\"},{\"content\":\"LMA\"},{\"content\":\"Association Representative\"}]},{\"cells\":[{\"content\":\"David Goone\"},{\"content\":\"ICE Futures\"},{\"content\":\"Ex Officio\"}]},{\"cells\":[{\"content\":\"John Grout\"},{\"content\":\"The Association of Corporate Treasurers\"},{\"content\":\"Association Representative\"}]},{\"cells\":[{\"content\":\"George Handjinicolaou\"},{\"content\":\"ISDA\"},{\"content\":\"Association Representative\"}]},{\"cells\":[{\"content\":\"John Harding\"},{\"content\":\"ICE\"},{\"content\":\"Market Infrastructure Provider\"}]},{\"cells\":[{\"content\":\"Richard Kennedy\"},{\"content\":\"UBS\"},{\"content\":\"Benchmark Submitter\"}]},{\"cells\":[{\"content\":\"Brad Hurrell\"},{\"content\":\"Barclays\"},{\"content\":\"Benchmark Submitter\"}]},{\"cells\":[{\"content\":\"Finbarr Hutcheson\"},{\"content\":\"IBA President\"},{\"content\":\"Ex Officio\"}]},{\"cells\":[{\"content\":\"Sébastien Kraenzlin\"},{\"content\":\"Swiss National Bank\"},{\"content\":\"Observer\"}]},{\"cells\":[{\"content\":\"Kevin Ludwick\"},{\"content\":\"Bank of Tokyo Mitsubishi\"},{\"content\":\"Benchmark Submitter\"}]},{\"cells\":[{\"content\":\"Will Parry\"},{\"content\":\"Bank of England\"},{\"content\":\"Observer\"}]},{\"cells\":[{\"content\":\"Michel Prada\"},{\"content\":\"IBA INED\"},{\"content\":\"Non-Executive Director\"}]},{\"cells\":[{\"content\":\"Guy Sears\"},{\"content\":\"IMA\"},{\"content\":\"Association Representative\"}]},{\"cells\":[{\"content\":\"Frederick Sturm\"},{\"content\":\"CME Group\"},{\"content\":\"Market Infrastructure Provider\"}]},{\"cells\":[{\"content\":\"André Villeneuve\"},{\"content\":\"IBA Chairman\"},{\"content\":\"Non-Executive Director\"}]},{\"cells\":[{\"content\":\"Paul Watson\"},{\"content\":\"HSBC\"},{\"content\":\"Benchmark Submitter\"}]}],\"foot\":[]}","bottomParagraph":"<div class=\"column-list\">\r\n<ul class=\"column-list-half link-list\">\r\n<li><a href=\"https://www.theice.com/publicdocs/Oversight_Committee_Terms_of_Reference_20140424.pdf\" target=\"_blank\">Oversight Committee Terms of Reference</a></li></ul>\r\n<ul class=\"column-list-half link-list\">\r\n<li><a href=\"https://www.theice.com/publicdocs/Oversight_Committee_Nominations.pdf\" target=\"_blank\">Nominations to the Oversight Committee</a></li></ul>\r\n</div>\r\n","elementId":"content-1500083878"}); renderComponent('CollapsibleSection', '4.1.4', 'content-1500083865', {"hash":"governance","header":"Oversight Committee Meeting Minutes","collapsedSectionText":"","expandedSectionText":"","ajaxUrl":"","partialPageName":"Libor Governance","partialPageURL":"/iba/libor/governance","elementId":"content-1500083865","initialData":{"partialContent":"<div><div id=\"content-1500095179\"><div data-reactid=\".1k4f5769ds0\" data-react-checksum=\"-1885877433\"><h2 class=\"secondary-header\" data-reactid=\".1k4f5769ds0.$0\">Oversight Committee Meeting Minutes</h2><p class=\"\" data-reactid=\".1k4f5769ds0.$1\"><ul class=\"link-list\"><li><a href=\"/publicdocs/IBA_LIBOR_OC_REDACTED_minutes_20150729.pdf\" target=\"_blank\">Oversight Committee Meeting 29 July 2015</a></li><li><a href=\"/publicdocs/IBA_Oversight_Committee_Minutes_20150630.pdf\" target=\"_blank\">Oversight Committee Meeting 30 June 2015</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140210.pdf\" target=\"_blank\">Oversight Committee Meeting 10 February 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140331.pdf\" target=\"_blank\">Oversight Committee Meeting 31 March 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140425.pdf\" target=\"_blank\">Oversight Committee Meeting 25 April 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140522.pdf\" target=\"_blank\">Oversight Committee Meeting 22 May 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140626.pdf\" target=\"_blank\">Oversight Committee Meeting 26 June 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140723.pdf\" target=\"_blank\">Oversight Committee Meeting 23 July 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20140925.pdf\" target=\"_blank\">Oversight Committee Meeting 25 September 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20141030.pdf\" target=\"_blank\">Oversight Committee Meeting 30 October 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20141126.pdf\" target=\"_blank\">Oversight Committee Meeting 26 November 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20141217.pdf\" target=\"_blank\">Oversight Committee Meeting 17 December 2014</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20150121.pdf\" target=\"_blank\">Oversight Committee Meeting 21 January 2015</a></li><li><a href=\"/publicdocs/Oversight_Committee_Minutes_20150325.pdf\" target=\"_blank\">Oversight Committee Meeting 25 March 2015</a></li><li><a href=\"/publicdocs/IBA_Oversight_Committee_minutes_20150423.pdf\" target=\"_blank\">Oversight Committee Meeting 23 April 2015</a></li><li><a href=\"/publicdocs/IBA_LIBOR_OC_REDACTED_minutes_20150527.pdf\" target=\"_blank\">Oversight Committee Meeting 27 May 2015</a></li></ul></p><h2 class=\"secondary-header\" data-reactid=\".1k4f5769ds0.$2\">Code of Conduct</h2><p class=\"\" data-reactid=\".1k4f5769ds0.$3\"><ul class=\"link-list\"><li><a href=\"/publicdocs/IBA_Code_of_Conduct.pdf\" target=\"_blank\">LIBOR Code of Conduct</a></li></ul></p><h2 class=\"secondary-header\" data-reactid=\".1k4f5769ds0.$4\">Whistleblowing Procedure</h2><p class=\"\" data-reactid=\".1k4f5769ds0.$5\"><ul class=\"link-list\"><li><a href=\"/publicdocs/IBA_Whistleblowing_Procedure.pdf\" target=\"_blank\">IBA Whistleblowing Procedure</a></li></ul></p></div></div></div><script src=\"//static.theice.com/cms-text-paragraphs/4.0.2/text-paragraphs-component.min.js\"><\/script><script>\n (function() {\n window.ICE = window.ICE || {};\n function renderComponents() { renderComponent('TextParagraphs', '4.0.2', 'content-1500095179', {\"sections\":[{\"type\":\"header\",\"content\":\"Oversight Committee Meeting Minutes\",\"className\":\"secondary-header\"},{\"type\":\"paragraph\",\"content\":\"<ul class=\\\"link-list\\\"><li><a href=\\\"/publicdocs/IBA_LIBOR_OC_REDACTED_minutes_20150729.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 29 July 2015</a></li><li><a href=\\\"/publicdocs/IBA_Oversight_Committee_Minutes_20150630.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 30 June 2015</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140210.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 10 February 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140331.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 31 March 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140425.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 25 April 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140522.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 22 May 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140626.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 26 June 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140723.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 23 July 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20140925.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 25 September 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20141030.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 30 October 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20141126.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 26 November 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20141217.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 17 December 2014</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20150121.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 21 January 2015</a></li><li><a href=\\\"/publicdocs/Oversight_Committee_Minutes_20150325.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 25 March 2015</a></li><li><a href=\\\"/publicdocs/IBA_Oversight_Committee_minutes_20150423.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 23 April 2015</a></li><li><a href=\\\"/publicdocs/IBA_LIBOR_OC_REDACTED_minutes_20150527.pdf\\\" target=\\\"_blank\\\">Oversight Committee Meeting 27 May 2015</a></ul>\",\"className\":\"\"},{\"type\":\"header\",\"content\":\"Code of Conduct\",\"className\":\"secondary-header\"},{\"type\":\"paragraph\",\"content\":\"<ul class=\\\"link-list\\\"><li><a href=\\\"/publicdocs/IBA_Code_of_Conduct.pdf\\\" target=\\\"_blank\\\">LIBOR Code of Conduct</a></li></ul>\",\"className\":\"\"},{\"type\":\"header\",\"content\":\"Whistleblowing Procedure\",\"className\":\"secondary-header\"},{\"type\":\"paragraph\",\"content\":\"<ul class=\\\"link-list\\\"><li><a href=\\\"/publicdocs/IBA_Whistleblowing_Procedure.pdf\\\" target=\\\"_blank\\\">IBA Whistleblowing Procedure</a></li></ul>\",\"className\":\"\"}],\"elementId\":\"content-1500095179\"}); }\n function renderComponent(name, version, elementId, json) {\n if (document.getElementById(elementId)) {\n setTimeout(function() {\n new window.ICE.components[name + 'Component'][version](json);\n });\n }\n }\n var readyPromise = new Promise(function(resolve) {\n if (document.readyState === 'complete') {\n return resolve();\n }\n document.addEventListener('DOMContentLoaded', resolve);\n });\n readyPromise.then(renderComponents, renderComponents);\n }());\n<\/script>"}}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500093062', {"header":"Non-Publication Days","topParagraph":"ICE LIBOR is not published on certain days. The following tables set out the relevant holidays for the different currencies & tenors. Specific days for each year are available on the <a href=\"https://www.theice.com/iba/holiday-calendars\" target=\"_blank\">Holiday Calendars</a> page.","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"PUBLIC HOLIDAY\"},{\"content\":\"MATURITIES AFFECTED\"}],\"index\":0}],\"body\":[{\"cells\":[{\"content\":\"New Year's Day (1st January)\"},{\"content\":\"All currencies and tenors\"}],\"index\":0},{\"cells\":[{\"content\":\"Good Friday\"},{\"content\":\"All currencies and tenors\"}],\"index\":1},{\"cells\":[{\"content\":\"Easter Monday\"},{\"content\":\"All currencies and tenors\"}],\"index\":2},{\"cells\":[{\"content\":\"Early May Bank Holiday\"},{\"content\":\"All currencies and tenors\"}],\"index\":3},{\"cells\":[{\"content\":\"Spring Bank Holiday\"},{\"content\":\"All currencies and tenors\"}],\"index\":4},{\"cells\":[{\"content\":\"Summer Bank Holiday\"},{\"content\":\"All currencies and tenors\"}],\"index\":5},{\"cells\":[{\"content\":\"Christmas Day\"},{\"content\":\"All currencies and tenors\"}],\"index\":6},{\"cells\":[{\"content\":\"Boxing Day (26th December)\"},{\"content\":\"All currencies and tenors\"}],\"index\":7}],\"foot\":[]}","bottomParagraph":"In addition, there is no LIBOR fixing in some currencies and tenors if the fixing date is a holiday in the major financial centre for the respective currency.\r\n<hr class=\"hr-dotted\">","elementId":"content-1500093062"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500093063', {"header":"EURO","topParagraph":"","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"PUBLIC HOLIDAY\"},{\"content\":\"MATURITIES AFFECTED\"}]}],\"body\":[{\"cells\":[{\"content\":\"Labour Day (1st May)*\"},{\"content\":\"Overnight Only\"}]}],\"foot\":[]}","bottomParagraph":"<p class=\"disclaimer\">*This holiday only impacts LIBOR if the holiday falls on a weekday.</p>\r\n<hr class=\"hr-dotted\">","elementId":"content-1500093063"}); renderComponent('TableWithParagraph', '3.0.3', 'content-1500093064', {"header":"U.S. Dollar","topParagraph":"","className":"","table":"{\"head\":[{\"cells\":[{\"content\":\"PUBLIC HOLIDAY\"},{\"content\":\"MATURITIES AFFECTED\"}]}],\"body\":[{\"cells\":[{\"content\":\"Martin L King's Birthday\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"President's Day\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"Independence Day (4th July)*\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"Labour Day\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"Columbus Day\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"Veteran's Day\"},{\"content\":\"Overnight Only\"}]},{\"cells\":[{\"content\":\"Thanksgiving Day\"},{\"content\":\"Overnight Only\"}]}],\"foot\":[]}","bottomParagraph":"<p class=\"disclaimer\">*This holiday only impacts LIBOR if the holiday falls on a weekday.\r\n<br>\r\nJPY and CHF fixings are not affected by local holidays.</p>\r\n\r\n<hr class=\"hr-dotted\">","elementId":"content-1500093064"}); renderComponent('TextHeaderWithList', '3.0.2', 'content-1500083945', {"header":"Embargo Policy","content":"","footer":"","lists":[{"type":"links","items":[{"type":"link","quicklink-name":"","quicklink-id":"","text":"Embargo Policy","link":{"href":"/publicdocs/futures/Embargo_Policy.pdf","className":"","title":"","id":"","rel":"","target":""},"img":{"src":"","alt":"","height":"","width":"","className":"","id":"","title":""}}]}],"elementId":"content-1500083945"}); } function renderComponent(name, version, elementId, json) { if (document.getElementById(elementId)) { setTimeout(function() { new window.ICE.components[name + 'Component'][version](json); }); } } var readyPromise = new Promise(function(resolve) { if (document.readyState === 'complete') { return resolve(); } document.addEventListener('DOMContentLoaded', resolve); }); readyPromise.then(renderComponents, renderComponents); }()); </script><div><div id="content-1500066499"><script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20151006051716/https://www.google-analytics.com/analytics.js','ga'); 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