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Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority (FCA) has decided to require
Intercontinental Exchange, Inc. , a leading global provider of data, technology, and market infrastructure, today announced that the U.K. Financial Conduct Authority has decided to require ICE... | September 29, 2022
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today noted that the UK Financial Conduct Authority (FCA) will compel ICE Benchmark
Introduction On 5 March 2021, the UK's Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration (IBA). The FCA also confirmed that where a "synthetic" LIBOR is available after the cessation dates, the synthetic LIBOR will not in any event be considered to be representative as of the cessation dates. This is an important step towards the end of LIBOR, providing market participants with a fixed timeline for LIBOR's cessation. The announcement also adds pres...
5-Mar-21 Non-Representative. “Synthetic” rate possible for a “further period” after end-June 2023. Bullet 2: The announcements from the FCA and IBA were not unexpected and were the result of feedback from market participants. The IBA feedback statement and the FCA announcement were anticipated as a result of a process by the IBA where it sought input from market participants regarding proposed end dates for certain settings for LIBOR. The FCA announced in July of 2017 its intention that it would no longer be necessary to request or require banks to submit to LIBOR after December 31, 2...