Benchmark Administrator Launches Libor Substitute Index

Law360, London (April 14, 2021, 1:59 p.m. BST) – The proprietor of a number of international inventory and commodity exchanges has launched a brand new index for the Sterling In a single day Index Common to assist finance companies transition to the brand new index benchmark after utilizing its tarnished predecessor, Libor, ends December 31.

The Intercontinental Alternate mentioned on Tuesday it has accomplished a brand new index that units rates of interest beneath the brand new benchmark, often called Sonia. The brand new index has accomplished its testing section and is now prepared for use by lenders to calculate rates of interest, the corporate mentioned.

The change, often called ICE, mentioned the substitute index “will present a …

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