ICE feeds back on ICE LIBOR: ICE has published a feedback statement in relation to the responses received to the ICE Benchmark Administration (IBA) position paper on the evolution and enhancement of ICE LIBOR. The original paper sought the opinions of stakeholders on the proposed evolution of ICE LIBOR including:
- submission criteria;
- the implementation of a more transaction-based approach (as far as possible);
- having a waterfall of calculation methodologies to ensure the continued availability of LIBOR rates as well as the consistency and reliability of data; and
- other enhancements to the benchmark.
Responses came from LIBOR licence holders and other interested parties from around the world. Since January, IBA has been holding roundtable meetings for LIBOR users. The next step will be a further market consultation in the summer on more detailed aspects of the proposals. (Source: IBA Publishes Feedback on LIBOR Evolution Paper)