ICE Benchmark Administration Ltd (IBA) has issued a consultation paper on the measures it is proposing to adopt in the event of an error occurring in fixing the published rate of the London Interbank Offered Rate.

The IBA is consulting on the following issues:

  • a threshold for the materiality of errors that would trigger an intraday refix;
  • a cut-off time for reporting an error to the IBA for any intraday refix;
  • decreasing the number of decimal places to 5 to minimise the impact of errors;
  • transparency for errors discovered after the cut-off time; and
  • allowing a sufficiently long notice period before the changes come into effect.

The deadline for responses on the consultation paper is 19 September 2014.

View Error policy consultation, 1 August 2014