ICE Benchmark Administration Launches ICE SONIA Indexes To A

ICE Benchmark Administration Launches ICE SONIA Indexes To Assist UK Lending Markets Transition To SONIA


ICE Benchmark Administration Launches ICE SONIA Indexes To Assist UK Lending Markets Transition To SONIA
Date
13/04/2021
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today announced that ICE Benchmark Administration Limited (“IBA”) has launched ICE SONIA Indexes for use by licensees, following a successful testing period.
ICE SONIA Indexes have been developed to support the needs of the UK lending market as it transitions to SONIA, and are designed to provide a simple method for parties to calculate SONIA compound interest between any two dates and agree on their associated interest accruals.
The Indexes expand IBA’s SONIA-based solutions offering and are available to licensees alongside ICE Term SONIA Reference Rates (ICE TSRR). ICE TSRR were launched as a benchmark in January 2021 to provide businesses, borrowers and lenders with a forward-looking, term SONIA benchmark to provide certainty when calculating their interest expenses and other contractual payments in advance.

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