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1363.43424,110.48072 C1363.43424,113.2592 1365.6864,115.52 1368.45552,115.52 C1371.22392,115.52 1373.4768,113.2592 1373.4768,110.48072 C1373.4768,107.70152 1371.22392,105.44 1368.45552,105.44 Z"></path></g></g></svg></div></div></form></div></div><div id="integration-id-112a4a1"><img class="w-full max-h-screen select-none object-cover" style="height:500px" alt="ICE Benchmark Administration" src="https://www.theice.com/publicdocs/images/Hero_1150x550_Bridge-11.png"/><div class="-mt-20 md:-mt-32 lg:-mt-40"><div data-testid="belt" class="px-3 lg:px-24"><div class="flex flex-col items-stretch gap-4 lg:flex-row lg:gap-8"><div class="flex-2 my-8 p-8 bg-black text-white"><div id="integration-id-57397c7" class=""><h1 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-4xl imt:text-[2rem] md:text-6xl md:imt:text-5xl imt:mb-6">ICE Benchmark Administration<span class="text-[smaller]" style="vertical-align:super">®</span></h1></div><div class="h-6"></div><div id="integration-id-c1e30c6" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">Administering Global Benchmarks and Data Services</h3></div><div class="h-6"></div><div id="integration-id-7f283e2" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">Access to accurate, reliable information is essential to the integrity and everyday functioning of global markets and the economies which they support. Benchmarks and other data form a vital part of this ecosystem, helping market participants to assess the value of assets and make informed business decisions with confidence.</p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"> </p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">As one of the world’s most experienced administrators of regulated benchmarks, ICE Benchmark Administration<span class="text-[smaller]" style="vertical-align:super">®</span> (IBA) is leading the way in benchmark and other data administration services, offering the highest standards of input data collection, calculation, publication and surveillance. By establishing comprehensive and robust governance and oversight functions, and constantly evolving and developing our benchmarks and data services, IBA is enhancing benchmark and data integrity in order to give market participants confidence in the information they depend upon.</p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"> <a href="https://www.ice.com/publicdocs/IBA_Benchmark_Other_Information_Notice_Disclaimer.pdf" target="_blank" rel="noopener noreferrer" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-ice-blue hover:text-ice-blue font-bold inline [&_svg]:inline"><span>IBA’s benchmark and other information notice and disclaimer</span></a></p></div></div><div class="my-8 flex-1 self-stretch border-solid p-8 bg-gray lg:mt-12 lg:self-start"><div data-partial="/iba/nav-partial"><div class="contents ice"><div class=""><div 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viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div></div><div class="text-4xl"></div></a></div><div class="flex py-2 border-0 border-t border-solid md:first:border-t-0 border-black"><a href="/iba/rfr-indexes" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="flex flex-1">ICE RFR Indexes</div><div class="flex justify-end pr-2"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 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7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div></div><div class="text-4xl"></div></a></div><div class="flex py-2 border-0 border-t border-solid md:first:border-t-0 border-black"><a href="/iba/contact" class="flex w-full flex-row items-center no-underline hover:no-underline text-black"><div class="flex w-full flex-col"><div class="flex flex-1 flex-row items-center justify-between text-[0.95rem] md:text-base"><div class="flex flex-1">Contact Us</div><div class="flex justify-end pr-2"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="shrink-0" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></div></div></div><div class="text-4xl"></div></a></div></div></div></div></div></div></div></div></div></div></div><div data-testid="belt" class="px-3 lg:px-24"><div class="h-16"></div><div><style> .px-4 { padding-left: 2rem; padding-right: 1rem; } </style></div><div id="integration-id-cbe63b3" class=""><div class="text-center"><h2 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-3xl imt:text-[1.75rem] md:text-5xl md:imt:text-4xl imt:mb-6">Administering Global Benchmarks and Data Services</h2></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><hr class="border-0 border-black border-t-2 w-1/5 border-solid mx-auto mt-4 mb-4"/></div><div class="h-6"></div><div class="invisible"><div id="integration-id-2dcdc6c" class=""><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-primary-500 text-black admin:text-white hover:bg-primary-600 active:bg-primary-700 hover:ice:bg-[#97AEB8] hover:nyse:bg-[#97AEB8] hover:imt:bg-[#97AEB8]" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200 rotate-90" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">LIBOR</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="true" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div id="integration-id-caf81ab" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">LIBOR®</h3></div><div class="h-6"></div><div id="integration-id-8973b16" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">All LIBOR® settings have ceased to be published. Please refer to our <a href="/iba/libor" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-secondary hover:text-secondary font-bold inline [&_svg]:inline"><span>LIBOR webpage</span></a> for further information regarding LIBOR cessation.</li><li class="">Historical LIBOR information is available under licence from IBA (including in relation to valuation and pricing activities and in transactions). Prospective licensees should contact IBA’s licensing team at <a href="/cdn-cgi/l/email-protection#8cc5cecda1c0e5efe9e2ffe5e2ebcce5efe9a2efe3e1" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-secondary hover:text-secondary font-bold inline [&_svg]:inline"><span><span class="__cf_email__" data-cfemail="b6fff4f79bfadfd5d3d8c5dfd8d1f6dfd5d398d5d9db">[email protected]</span></span></a> for further information.</li><li class="">Please also refer to the <a href="https://www.fca.org.uk/markets/libor" target="_blank" rel="noopener noreferrer" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-secondary hover:text-secondary font-bold inline [&_svg]:inline"><span>UK Financial Conduct Authority’s (“FCA”) LIBOR transition website</span></a> for further information regarding LIBOR transition and cessation, including details regarding the exercise of the FCA’s powers in relation to LIBOR under the UK Benchmarks Regulation.</li></ul></div></div><div id="integration-id-77c149d" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/libor" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn More</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ICE Swap Rate</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div id="integration-id-18cae51" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">ICE Swap Rate®</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-7916a3b" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">ICE Swap Rate® (formerly known as ISDAFIX) is recognised as the principal global benchmark for swap rates for interest rate swaps. The rate is used as the exercise value for cash-settled swaptions, for close-out payments on early terminations of interest rate swaps, for some floating rate bonds and for valuing portfolios of interest rate swaps.</li><li class="">ICE Swap Rate represents the mid-price for interest rate swaps (the fixed leg) and swap spreads (the applicable mid-price minus a corresponding specified government bond yield) in various specified currencies and tenors ranging from 1 year to 30 years at particular specified times of the day. Certain versions of the ICE Swap Rate are also "spread-adjusted," as noted below. </li><li class="">Currently, ICE Benchmark Administration® Limited (IBA) publishes ICE Swap Rate benchmarks: (i) based on swaps linked to EUR EURIBOR, EUR €STR, GBP SONIA and USD SOFR; and (ii) based on swap spreads linked to USD SOFR, all using the published ‘Waterfall’ Methodology. </li><li class="">IBA also publishes USD SOFR Spread-Adjusted ICE Swap Rate settings determined in line with the methodology suggested by the Alternative Reference Rates Committee (ARRC), and GBP SONIA Spread-Adjusted ICE Swap Rate settings determined in line with the methodology proposed by the Non-Linear Task Force (NLTF) of the Working Group on Sterling Risk-Free Reference Rates.</li><li class="">Please refer to our <a href="/iba/ice-swap-rate" target="_blank" rel="noopener noreferrer" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-secondary hover:text-secondary font-bold inline [&_svg]:inline"><span>ICE Swap Rate webpage</span></a> for further information on ICE Swap Rate.</li></ul></div></div><div id="integration-id-6ab4e78" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/ice-swap-rate" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">LBMA Gold & Silver</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div class="h-6"></div><div id="integration-id-c79999b" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">LBMA Gold & Silver Prices</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-9b2bcd2" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">Moved the LBMA Gold Price away from the historical telephone-based process to an electronic, physically-settled auction using ICE's trading platform, recognized around the world for providing access and increasing market transparency</li><li class="">Provided direct participants and clients the ability to manage orders in the auction directly themselves for the first time</li><li class="">Increased participation in the gold auction, and increased gold and silver auction volumes, as technology and governance improvements have enhanced accessibility and confidence in the process</li></ul></div></div><div id="integration-id-93a5dc7" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/lbma-gold-silver-price" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ISDA SIMM</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div class="h-6"></div><div id="integration-id-2ae8ef1" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">ISDA SIMM Crowdsourcing Facility</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-aa3d4ff" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">Launched a crowdsourcing facility in conjunction with ISDA for firms trading uncleared derivatives that provides consensus risk buckets as a key input to the ISDA SIMM methodology</li><li class="">Allowing market participants to reduce margin call disputes by providing firms which use the ISDA SIMM methodology with an aligned set of risk buckets</li></ul></div></div><div id="integration-id-1916378" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/isda-simm" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ICE CoT</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div class="h-6"></div><div id="integration-id-4e988eb" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">ICE CoT is designed to support the cocoa and coffee industries in meeting the requirements of the European Union’s regulation relating to deforestation and forest degradation (EUDR), which came into force on June 29, 2023. </li><li class="">The EUDR will require Traders and Operators to undertake due diligence, and collect relevant information to show that products being placed on the EU market are deforestation-free, produced in accordance with relevant legislation of the country of production, and covered by a Due Diligence Statement (DDS). </li><li class="">ICE CoT will facilitate compliance with the EUDR by automating the process of submitting, recording and validating the necessary farm-origin and physical-flow traceability data provided by coffee and cocoa Traders and Operators. </li><li class="">ICE CoT aims to support existing business practices and help ensure that coffee and cocoa remains freely tradable within the EU. </li></ul></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/commodity-traceability-service" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ICE Term Rates</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div class="h-6"></div><div id="integration-id-873deb0" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">ICE Term Reference Rates</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-0232a86" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">Developed and launched forward-looking ICE Term SONIA Reference Rates (TSRR) and forward-looking ICE Term SOFR Reference Rates (ICE Term SOFR) for 1, 3, 6 and 12-month tenors</li><li class="">Designed to measure, on a daily basis, expected (i.e. forward-looking) SONIA and SOFR rates over 1, 3, 6 and 12-month periods</li><li class="">Derived using a waterfall calculation methodology, using eligible prices and volumes for specified SONIA and SOFR-linked interest rate derivative products</li></ul></div></div><div id="integration-id-4e47ff0" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/term-rates" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ICE RFR Indexes</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2"><div class="h-6"></div><div id="integration-id-8271787" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">ICE RFR Indexes</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-09c450f" class=""><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">Launched a set of Risk Free Rate Indexes, for SOFR, SONIA, €STR and TONA, providing daily values that represent accrued compound interest, relative to the first day value of 100</li><li class="">Developed to help address the key operational considerations of lenders and borrowers of RFR-based loans, the index values are designed to provide a simple method for calculating compound interest between any two index dates, allowing parties to agree transparently on interest accruals</li></ul></div></div><div id="integration-id-7ab178f" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a data-is-button="true" href="/iba/rfr-indexes" data-checked="false" class="font-medium justify-center items-center no-underline focus-within:outline-none focus:outline-none focus-within:ring focus:ring leading-tight align-middle duration-75 active:shadow-none active:translate-y-px max-w-full select-none bg-black admin:bg-primary text-white border-white shadow-lg hover:text-primary admin:hover:text-white active:text-primary admin:hover:text-white active:shadow-none checked:text-primary text-xs md:text-sm gap-1 md:gap-4 border rounded-tl rounded-tr rounded-bl rounded-br inline-flex px-6 md:px-12 py-1 md:py-2 cursor-pointer uppercase flex-row-reverse break-words"><span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg></span><span>Learn more</span></a></p></div></div></div></div><button type="button" class="inline-flex w-full items-center align-middle focus:outline-none p-2 border border-gray-400 font-bold leading-4 duration-100 bg-gray-300 text-gray-700 hover:bg-gray-400 active:bg-gray-500" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 16 16" class="duration-200" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M10.072 8.024L5.715 3.667l.618-.62L11 7.716v.618L6.333 13l-.618-.619 4.357-4.357z"></path></svg><span class="pl-2">ICE CRED</span></button><div class="overflow-y-auto"><div data-testid="expander" aria-expanded="false" class="overflow-hidden"><div class="border-x border-gray-400 p-2 border-b"><div class="h-6"></div><div id="integration-id-a337016" class=""><h3 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-2xl imt:text-[1.5rem] md:text-4xl md:imt:text-[2rem] imt:mb-6">ICE Carbon Reference Entity Data Service (ICE CRED)</h3><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div><div data-rich-text-ignore="true"><ul class="inline-block pr-0 text-left pl-8 space-y-4 [&_ol]:mt-4 [&_ul]:mt-4 list-disc list-outside"><li class="">For the carbon credit markets to continue to grow in a scalable and sustainable way, standardised, reliable and robust reference data that can be widely used and adopted by market participants is required.</li><li class="">ICE CRED is designed to support carbon credit market participants throughout the trading lifecycle, providing the opportunity to reduce operational risk and cost and promote greater scalability in their carbon credit trading operations.</li><li class="">IBA imports data in respect of carbon credits from registries daily, and uses organisational data management to normalise, standardise and aggregate the data.</li><li class="">ICE CRED is available from multiple access points in a digital standardised format via ICE’s SFTP server, ICE Chat and ICE’s web Report Center.</li></ul></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"></p><div class="mb-6"></div></div><div id="integration-id-585cb02" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a 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class="flex-5"><div id="integration-id-fe18c75" class=""><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0">IBA combines robust regulatory and <a href="/iba/governance" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-ice-blue hover:text-ice-blue font-bold inline [&_svg]:inline"><span>governance frameworks</span></a> with advanced technology to bring credibility and trust to globally important benchmarks. IBA, which is independently capitalized, is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. IBA is required to comply with the FCA's rules for benchmark administrators.</p><h4 class="m-0 font-headings border-0 pb-0 mers:border-b-2 mers:border-solid mers:border-secondary mers:pb-2.5 print:orphans-3 print:widows-3 font-medium normal-case leading-none print:break-after-avoid text-xl imt:text-lg md:text-3xl md:imt:text-[1.5rem] imt:mb-6">Statutory Accounts</h4><div class="mb-6"></div><p class="print:orphans-3 print:widows-3 print:text-black mb-6 last:mb-0"><a href="/publicdocs/ICE_Benchmark_Adminisstration_2023_annual_accounts.pdf " class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-primary hover:text-primary font-bold inline [&_svg]:inline"><span>Annual Report and Financial Statements For the Year Ended 31 December 2023</span></a><a href="/publicdocs/ICE_Benchmark_Adminisstration_2022_annual_accounts.pdf" class="text-left no-underline hover:underline cursor-pointer print:text-black print:underline text-ice-blue hover:text-ice-blue 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Reference Rates (TSRR) and forward-looking ICE Term SOFR Reference Rates (ICE Term SOFR) for 1, 3, 6 and 12-month tenors"}]},{"type":"list-item","children":[{"text":"Designed to measure, on a daily basis, expected (i.e. forward-looking) SONIA and SOFR rates over 1, 3, 6 and 12-month periods"}]},{"type":"list-item","children":[{"text":"Derived using a waterfall calculation methodology, using eligible prices and volumes for specified SONIA and SOFR-linked interest rate derivative products"}]}]}]}},{"id":"4e47ff0e-f100-4832-872d-c120d6d8ad5f","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{},{"href":"/iba/term-rates","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn 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"}]},{"type":"list-item","children":[{"text":"The EUDR will require Traders and Operators to undertake due diligence, and collect relevant information to show that products being placed on the EU market are deforestation-free, produced in accordance with relevant legislation of the country of production, and covered by a Due Diligence Statement (DDS). "}]},{"type":"list-item","children":[{"text":"ICE CoT will facilitate compliance with the EUDR by automating the process of submitting, recording and validating the necessary farm-origin and physical-flow traceability data provided by coffee and cocoa Traders and Operators. "}]},{"type":"list-item","children":[{"text":"ICE CoT aims to support existing business practices and help ensure that coffee and cocoa remains freely tradable within the EU. "}]}]},{"type":"paragraph","children":[{},{"href":"/iba/commodity-traceability-service","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn more"}],"isButton":true},{}]}]}}],"78b4a4cf-8466-410b-89bc-ed44d9fa9c98":[{"id":"caf81abd-acb2-40ba-afed-8b19f737c995","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{}]},{"type":"spacer","children":[{}]},{"type":"h3","children":[{"text":"LIBOR®"}]}]}},{"id":"bb8cc744-d52a-4b07-bd9f-861bf70ce94e","name":"cms-component-spacer","props":{"slots":{},"size":"md"}},{"id":"8973b161-6fa6-47fe-80b4-fb7d5bfa86c9","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"unordered-list","children":[{"type":"list-item","children":[{"text":"All LIBOR® settings have ceased to be published. Please refer to our "},{"href":"/iba/libor","type":"link","children":[{"text":"LIBOR webpage"}]},{"text":" for further information regarding LIBOR cessation."}]},{"type":"list-item","children":[{"text":"Historical LIBOR information is available under licence from IBA (including in relation to valuation and pricing activities and in transactions). Prospective licensees should contact IBA’s licensing team at "},{"href":"mailto:IBA-Licensing@ice.com","type":"link","children":[{"text":"IBA-Licensing@ice.com"}]},{"text":" for further information."}]},{"type":"list-item","children":[{"text":"Please also refer to the "},{"href":"https://www.fca.org.uk/markets/libor","type":"link","target":"_blank","children":[{"text":"UK Financial Conduct Authority’s (“FCA”) LIBOR transition website"}]},{"text":" for further information regarding LIBOR transition and cessation, including details regarding the exercise of the FCA’s powers in relation to LIBOR under the UK Benchmarks Regulation."}]}]}]}},{"id":"77c149d5-0553-493e-9b7c-3bad67177317","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{},{"href":"/iba/libor","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn More"}],"isButton":true},{}]}]}}],"7cb3cc2f-3896-415e-9d03-4f718b4c9f27":[{"id":"6f8232d1-ec69-4e41-87a3-f7e99fe74ecc","name":"cms-component-spacer","props":{"slots":{},"size":"md"}},{"id":"c79999bc-b350-4def-80b3-43b7515cd556","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"h3","children":[{"text":"LBMA Gold & Silver Prices"}]},{"type":"paragraph","children":[{}]},{"type":"spacer","children":[{}]}]}},{"id":"9b2bcd20-3a33-494a-a79a-13d88de41eed","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"unordered-list","children":[{"type":"list-item","children":[{"text":"Moved the LBMA Gold Price away from the historical telephone-based process to an electronic, physically-settled auction using ICE's trading platform, recognized around the world for providing access and increasing market transparency"}]},{"type":"list-item","children":[{"text":"Provided direct participants and clients the ability to manage orders in the auction directly themselves for the first time"}]},{"type":"list-item","children":[{"text":"Increased participation in the gold auction, and increased gold and silver auction volumes, as technology and governance improvements have enhanced accessibility and confidence in the process"}]}]}]}},{"id":"93a5dc72-f900-4cbd-8518-e845509d05b1","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{},{"href":"/iba/lbma-gold-silver-price","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn more"}],"isButton":true},{}]}]}}],"8165c7aa-affc-402d-9678-f1fa19cc1ba4":[{"id":"18cae517-2881-45c6-bc49-ee21b2161418","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{}]},{"type":"spacer","children":[{}]},{"type":"h3","children":[{"text":"ICE Swap Rate®"}]},{"type":"paragraph","children":[{}]},{"type":"spacer","children":[{}]}]}},{"id":"7916a3be-ebca-4dd0-9ed2-79f3e6e751d4","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"unordered-list","children":[{"type":"list-item","children":[{"text":"ICE Swap Rate® (formerly known as ISDAFIX) is recognised as the principal global benchmark for swap rates for interest rate swaps. 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"}]},{"type":"list-item","children":[{"text":"IBA also publishes USD SOFR Spread-Adjusted ICE Swap Rate settings determined in line with the methodology suggested by the Alternative Reference Rates Committee (ARRC), and GBP SONIA Spread-Adjusted ICE Swap Rate settings determined in line with the methodology proposed by the Non-Linear Task Force (NLTF) of the Working Group on Sterling Risk-Free Reference Rates."}]},{"type":"list-item","children":[{"text":"Please refer to our "},{"href":"/iba/ice-swap-rate","type":"link","target":"_blank","children":[{"text":"ICE Swap Rate webpage"}]},{"text":" for further information on ICE Swap Rate."}]}]}]}},{"id":"6ab4e78e-d623-49e0-9e5c-1982d7c5c046","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{},{"href":"/iba/ice-swap-rate","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn 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represent accrued compound interest, relative to the first day value of 100"}]},{"type":"list-item","children":[{"text":"Developed to help address the key operational considerations of lenders and borrowers of RFR-based loans, the index values are designed to provide a simple method for calculating compound interest between any two index dates, allowing parties to agree transparently on interest accruals"}]}]}]}},{"id":"7ab178fb-f2db-4ecf-806e-73c759977a23","name":"cms-component-rich-text","props":{"slots":{},"richTextNodes":[{"type":"paragraph","children":[{},{"href":"/iba/rfr-indexes","icon":"MoveRightIcon","type":"link","wide":true,"children":[{"text":"Learn more"}],"isButton":true},{}]}]}}]},"tabs":[{"id":"78b4a4cf-8466-410b-89bc-ed44d9fa9c98","hash":"libor","title":"LIBOR"},{"id":"8165c7aa-affc-402d-9678-f1fa19cc1ba4","hash":"ice-swap-rate","title":"ICE Swap Rate"},{"id":"7cb3cc2f-3896-415e-9d03-4f718b4c9f27","hash":"lbma-gold-silver","title":"LBMA Gold & 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IBA, which is independently capitalized, is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. 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