About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

ICE Benchmark Administration Calls for Comments on Proposed Improvements to Libor

Subscribe to our newsletter

Intercontinental Exchange’s ICE Benchmark Administration (IBA) is calling for feedback on proposed enhancements to Libor. The proposals have been published this week in a Position Paper on the Evolution of ICE Libor and include an expanded universe of transactions, a wider window for eligible transactions, and the need for consistent and reliable data.

IBA took over the administration of Libor in February 2014 and notes efforts to restore trust in the sullied benchmark such as the introduction by UK authorities of statutory regulation for the administration of, and submission to, Libor; implementation of IBA’s surveillance system; external auditing of the administrator and submitters; and an assessment of IBA by IOSCO against its Principles for Financial Benchmarks.

The position paper states: “As a result of these changes, Libor is now harder to manipulate, making it more likely that any attempt to manipulate will be discovered, and there are appropriate legal punishments associated with any attempts at manipulation.”

The administrator’s proposed enhancements to the benchmark include a unified transaction-based methodology for Libor submissions, including a more prescriptive calculation methodology using predefined parameters; expanding the universe of transactions; ensuring that transaction-based submissions are used as much as possible; widening the window for eligible transactions; creating robust analytical tools to solidify the methodology; defining the role of qualitative methods involving expert judgement; and ensuring consistency and reliability of data.

Commenting on the proposals, Finbarr Hutcheson, president of IBA, says: “The position paper represents a significant step forward in the Libor journey. At IBA, we are seeking to make Libor ever more robust by creating a methodology that can keep pace with today’s fast moving markets. We believe that IBA’s approach to evolving benchmarks will benefit Libor’s many and diverse stakeholders.”

IBA is seeking feedback on its proposals from all Libor stakeholders by Friday December 19, 2014. Its ongoing timetable for change shows plans to have worked with contributing banks to analyse available transaction data by the end of the first quarter of 2015. By the end of the second quarter, it plans to have considered the recommended Libor methodology in conjunction with the Bank of England and Financial Conduct Authority. By the end of 2015, the IBA intends to have publicly consulted on changes to the benchmark.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Unlocking Transparency in Private Markets: Data-Driven Strategies in Asset Management

10 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes As asset managers continue to increase their allocations in private assets, the demand for greater transparency, risk oversight, and operational efficiency is growing rapidly. Managing private markets data presents its own set of unique challenges due to a lack of transparency,...

BLOG

Reporting Seen Among Use Cases Benefiting from Cloud-based Data Management for AI

Artificial intelligence is being adopted by financial regulators at pace, putting pressure on the financial institutions that the overseers serve to double down on their reporting capabilities. It’s no surprise to find that the same AI that’s helping regulators can aid organisations in getting those reporting procedures in place. To do so, however, they need...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...