Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, has published a feedback statement on the responses received to the ICE Benchmark Administration (IBA) position paper on the evolution and enhancement of ICE LIBOR.
IBA’s position paper sought comments from stakeholders on the proposed evolution of LIBOR. The position paper covered submission criteria, the implementation of a more transaction-based approach to the greatest extent possible, having a waterfall of calculation methodologies to ensure the continued availability of LIBOR rates and the consistency and reliability of data, as well as other enhancements to the benchmark.
In addition to responses from LIBOR licence holders, feedback was received from other interested parties, organisations and regulators across the world. Since January, IBA has also held roundtable meetings for LIBOR users hosted by central banks to further consider the proposals in the position paper.
IBA assumed responsibility for the administration of LIBOR in February 2014 and since then, has undertaken a rigorous and ongoing programme of evolutionary measures to improve the oversight and surveillance of the benchmark. The next step in this process will be a further market consultation in summer 2015 on more detailed aspects of the proposed enhancements to LIBOR.
The position paper and feedback statement can be found on the ICE website: theice.com/iba