Ice pips Refinitiv to synthetic Libor prize

FCA selects IBA term Sonia for sterling tough legacy fix; Torf chosen for three yen settings

Ice win
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Ice Benchmark Administration has been selected by the UK’s Financial Conduct Authority to provide forward-looking term Sonia inputs for a proposed synthetic Libor, dealing a blow to term risk-free rate rival, Refinitiv.

In a consultation launched on June 24, the FCA proposed compelling Libor’s administrator to publish widely used one-, three-, and six-month sterling Libor settings under an alternative formula-based methodology, when the panel-based rate is shut down at the end of this year. The

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