Introduction

On 30 August 2022, the ICE Benchmark Administration Limited (IBA) published a consultation on its intention to cease the publication of all ICE swap rate settings based on USD LIBOR.

The consultation

Following the FCA’s announcement on March 5, 2021, regarding the future cessation and loss of representativeness of USD LIBOR, IBA does not expect sufficient (or perhaps any) input data required to calculate USD LIBOR ICE swap rate settings (i.e. data based on eligible interest rate swaps referencing USD LIBOR settings) to be available after June 30, 2023.

As such, IBA is consulting on its intention to cease the publication of all USD LIBOR ICE swap rate benchmark “runs” (i.e. USD LIBOR rate 1100, USD LIBOR spreads 1100 and USD LIBOR 1500) for all tenors immediately after publication on June 30, 2023.

The consultation is not, and must not be taken to be an announcement that IBA will cease or continue the publication of USD LIBOR ICE swap rate, or any other ICE swap rate settings after 30 June 2023 or any other date.

Next steps

The deadline for feedback to the consultation is 5pm (London time) on October 7, 2022.

IBA will publish a feedback statement after the feedback period has closed.