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IBA Continues Move Away from LIBOR benchmarks with SOFR Spread-Adjusted ICE Swap Rate

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Intercontinental Exchange (ICE) continues the move away from LIBOR benchmarks with its subsidiary ICE Benchmark Administration (IBA) planning to launch a US dollar (USD) SOFR Spread-Adjusted ICE Swap Rate for use as a benchmark in financial contracts and financial instruments by licensees on 3 July 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. Assuming continued satisfactory testing and feedback, IBA expects to publish the rate settings as a benchmark for use by licensees on and subject to the terms of current USD ICE Swap Rate licensing agreements.

IBA will cease publication of all USD LIBOR ICE Swap Rate benchmark runs including USD LIBOR 1100, USD LIBOR Spreads 1100 and USD LIBOR 1500 for all tenors immediately after publication on 30 June 2023.

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