ICE Benchmark Administration Launches Beta Version of ICE Term SONIA Reference Rates

▤ Summary

IBA is publishing the beta rates for information and testing purposes in line with the UK Working Group on Sterling Risk-Free Reference Rates’ (“RFR WG”) priority roadmap for 2020. IBA has developed a Waterfall Methodology for calculating the ICE TSRR using eligible SONIA-linked interest rate derivative product data. “We have heard feedback from many businesses, borrowers and lenders, that they value having forward-looking term rates to provide certainty when calculating their interest expenses and other contractual payments in advance. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICEs Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICEs Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.

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