21 February 2017
visit nextgenbanking.co.uk

Isda appoints ICE to administer swaps benchmark

30 April 2014  |  1218 views  |  0 Source: ISDA

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that ICE Benchmark Administration Limited (IBA) has been selected by ISDA as the new administrator of ISDAFIX.

IBA was chosen following an in-depth selection process, which began with a public invitation to tender published in February. The selection process was run by the ISDA Benchmark Committee, with advice from consulting firm Oliver Wyman.

As part of its new responsibilities, IBA will transition the ISDAFIX calculation methodology from a polled submission model, where contributing banks submit price estimates, to a methodology based on actual and tradable quotes posted on multilateral trading facilities (MTFs). This change is designed to align the ISDAFIX benchmark with principles published last year by the International Organization of Securities Commissions (IOSCO) for financial benchmarks, which were subsequently endorsed by the G-20 and by the Financial Stability Board.

IBA will also assume overall responsibilities for ISDAFIX as follows:

Governance of all ISDAFIX administrative processes, including oversight and decisions of methodology, systems and controls;
Daily operations, including collection of input data and calculation of ISDAFIX rates;
Ex-ante and ex-post checks on submissions to ensure the integrity of the benchmark.

The transition to an MTF-based approach is expected to occur before the end of 2014, starting with euro and followed by dollar and sterling. The final date for the transfer of ISDAFIX benchmark rates to IBA will be confirmed once terms have been finalized with regulated trading venues.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
17726 views 11 comments | 54 tweets | 88 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10393 views comments | 21 tweets | 19 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10387 views comments | 49 tweets | 58 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
9295 views comments | 17 tweets | 12 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8435 views comments | 17 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job