U.K. Financial Conduct Authority Issues Final Announcement Regarding the Cessation of U.S. Dollar LIBOR®
09 Septiembre 2024 - 4:00AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, today notes the final announcement
from the U.K. Financial Conduct Authority (FCA) regarding the
cessation of U.S. dollar LIBOR®.
The FCA has confirmed that it will not use its powers under the
U.K. Benchmarks Regulation (U.K. BMR) to compel ICE Benchmark
Administration Limited (IBA), the authorized and regulated
administrator of LIBOR, to continue to publish the 1-, 3- and
6-Month “synthetic” U.S. dollar LIBOR settings after September 30,
2024. Accordingly, the FCA has issued a final announcement
reminding users that these final three remaining LIBOR settings
will cease after publication on this date. No new LIBOR settings
will be published following September 30, 2024.
“Synthetic” LIBOR settings that are required to be published
using a “synthetic” methodology are not representative of the
underlying market or economic reality the setting was intended to
measure prior to such requirement. The use of “synthetic” LIBOR
settings by U.K. supervised entities is prohibited under the U.K.
BMR, subject to the FCA permitting use by U.K. supervised entities
in legacy contracts other than cleared derivatives.
Users of LIBOR should take appropriate legal and regulatory
advice in all relevant jurisdictions to ensure they understand and
are prepared for the impact of the cessation of the remaining
“synthetic” LIBOR settings on them and their counterparties under
any applicable legislation or regulation, financial contracts,
financial instruments and other arrangements.
Please see IBA’s LIBOR webpage and the FCA’s LIBOR
transition webpage for further information.
About ICE Benchmark Administration
ICE Benchmark Administration Limited is authorized and regulated
by the Financial Conduct Authority for the regulated activity of
administering a benchmark and is authorized as a benchmark
administrator under the UK Benchmarks Regulation. LIBOR and ICE
Benchmark Administration are registered trademarks of ICE Benchmark
Administration Limited and/or its affiliates.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and
clearinghouses help people invest, raise capital and manage
risk. We offer some of the world’s largest markets to trade and
clear energy and environmental products. Our fixed income, data
services and execution capabilities provide information,
analytics and platforms that help our customers streamline
processes and capitalize on opportunities. At ICE Mortgage
Technology , we are transforming U.S. housing finance, from
initial consumer engagement through loan production, closing,
registration and the long-term servicing relationship. Together,
ICE transforms, streamlines and automates industries to connect our
customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here . Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE-CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240909952311/en/
ICE Media: Jess Tatham jess.tatham@ice.com +44
7377 947136 ICE Investor: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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