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 to Publish Test Data for ICE LIBOR this Saturday

Subscribe to our newsletter

ICE Benchmark Administration (IBA) will publish results of a three-month test of ICE LIBOR on the ICE website this Saturday March 17, 2018. The test is part of the evolution of the benchmark and ran from September 15 to December 15, 2017, during which time all 20 LIBOR panel banks were required to make additional LIBOR submissions using the waterfall methodology to the same production standard as, and in parallel with, their existing LIBOR submissions.

IBA, a subsidiary of Intercontinental Exchange (ICE), became the administrator of LIBOR in February 2014. Since then, it has invested in the benchmark and put in place new governance, oversight, technology and controls. Its goal is to evolve LIBOR and be able to publish, in all market circumstances, a wholesale funding rate anchored in panel banks’ unsecured, wholesale funding transactions to the greatest extent possible.

IBA has calculated LIBOR using submissions made under the waterfall methodology for each of the 35 LIBOR currency and tenor pairs for every applicable London business day of the testing period. The calculations apply the same trimmed arithmetic mean approach used to calculate LIBOR as it is currently published.

Following input from the LIBOR Oversight Committee and consultation with stakeholders from around the world, IBA developed the final ICE LIBOR output statement setting out a single LIBOR definition and a more standardised, transaction-data driven methodology for submissions in place of the existing LIBOR submission question. Each panel bank’s submissions in response to the output statement are determined through use of the waterfall methodology, which uses eligible transaction data where available, transaction-derived data otherwise, and, if neither is available, market data-based expert judgement.

IBA continues to work on the evolution of LIBOR, with the intention of transitioning panel banks from the existing LIBOR methodology to the waterfall methodology, subject to agreement from the LIBOR Oversight Committee and other approvals, and in the absence of regulatory objection. IBA expects to make a further announcement before commencing the transition to the waterfall methodology, if conditions have been satisfied.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Enhancing trader efficiency with interoperability – Innovative solutions for automated and streamlined trader desktop and workflows

17 September 2025 10:00am ET | 3:00pm London | 4:00pm CET Duration: 50 Minutes Traders today are expected to navigate increasingly complex markets using workflows that often lag behind the pace of change. Disconnected systems, manual processes, and fragmented user experiences create hidden inefficiencies that directly impact performance and risk management. Firms that can streamline...

BLOG

Opensee Deploys Real-Time Risk Analytics Platform at Taula Capital

Opensee has implemented its real-time data management and risk analytics platform at Taula Capital, marking a significant step for one of the most notable hedge fund launches of the past decade. Taula Capital was founded by former Millennium Management senior trader Diego Megia last year with $5bn in AUM. The deployment, completed in six weeks,...

EVENT

TradingTech Summit MENA

The inaugural TradingTech Summit MENA takes place in November and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions in the region.

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...