Intercontinental Exchange, Inc. (NYSE:ICE) today announced that ICE Benchmark Administration Limited (IBA) plans to launch USD SOFR Spread-Adjusted ICE Swap Rate® for use as a benchmark in financial contracts and financial instruments by licensees on July 3, 2023.
IBA has been publishing USD SOFR Spread-Adjusted ICE Swap Rate settings on an indicative, ‘Beta’ basis for an initial testing period since October 2021. The settings are determined in line with the methodology suggested by the Alternative Reference Rates Committee (ARRC) in its paper “Suggested Fallback Formula for the USD LIBOR ICE Swap Rate”. USD SOFR Spread-Adjusted ICE Swap Rate ‘Beta’ settings are available here.
Assuming continued satisfactory testing and feedback, IBA expects to publish USD SOFR Spread-Adjusted ICE Swap Rate settings as a benchmark for use by licensees on and subject to…
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