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Intercontinental Exchange Inc a leading global provider of data technology and market infrastructure today announced that ICE Benchmark Administration Limited IBA has launched its U.S. dollar SOFR ICE Swap Rate for use as a benchmark in financial contracts and financial instruments by licensees.The launch of the U.S. dollar SOFR ICE Swap Rate benchmark follows the successful publication of U.S. dollar SOFR ICE Swap Rate settings on an indicative Beta basis since October 1 2021.We are launching SOFR ICE Swap Rate today to help the U.S. dollar non-linear derivatives market in its ongoing transition to SOFR said Tim Bowler President of ICE Benchmark Administration.The U.S. dollar SOFR ICE Swap Rate settings are available for the same tenors and published at the same time as the current U.S. dollar LIBOR 1100 ICE Swap Rate benchmark. They are available here alongside IBAs other ICE Swap Rate benchmark runs covering Euro Sterling and U.S. dollar currencies in tenors ranging from one to 30 years. U.S. dollar SOFR ICE Swap Rate settings are determined in accordance with the published ICE Swap Rate Waterfall methodology using eligible input data in respect of SOFR-linked interest rate swaps.The settings are being provided for use as a benchmark by licensees on and subject to the terms of their current U.S. dollar ICE Swap Rate licensing agreements.IBA continues to publish indicative Beta U.S. dollar SOFR Spread-Adjusted ICE Swap Rate settings determined in line with the methodology suggested by the Alternative Reference Rates Committee ARRC in its paper Suggested Fallback Formula for the USD LIBOR ICE Swap Rate for an initial testing period. These settings are being provided solely for information and illustration purposes in order to enable recipients to evaluate the settings and provide feedback and are not intended for and IBA expressly prohibits their use for any other purpose including as a reference index or benchmark in financial instruments financial contracts or investment funds. IBA will announce in due course when the U.S. dollar SOFR Spread-Adjusted ICE Swap Rate settings will be made available for use in financial contracts and financial instruments.About ICE Benchmark AdministrationICE Benchmark Administration 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. IBA reserves all rights in the ICE Swap Rate methodology and the ICE Swap Rate settings including the U.S. dollar SOFR ICE Swap Rate and Beta U.S. dollar SOFR Spread-Adjusted ICE Swap Rate settings. ICE ICE Swap Rate and ICE Benchmark Administration are trademarks of IBA andor its affiliates. IBA is not affiliated with the New York Fed. The New York Fed does not sanction endorse or recommend any products or services offered by IBA.
