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Disclaimer

Responsibility for the administration of LIBOR was handed over to Intercontinental Exchange Benchmark Administration Ltd on 31st January 2014.  The website address for the new administrator is www.theice.com/iba.jhtml

You can also contact the new administrator for LIBOR by email at liborlicensing@theice.com or telephone.

(UK) +44 (0) 203 540 7200

(US) +1 (347) 252 6465

For your information, and for historic reference purposes only, a link to the previous BBA LIBOR website (pre-regulation) can be found here. Please note the following:

  • any guidance published by or on behalf of the BBA relating to Libor submissions whether contained in this website or not has been superseded by the Wheatley Review of Libor: final report published on 28 September 2012 and also the Interim LIBOR Code of Conduct published by BBA Libor Ltd on 12 July 2013;
  • all information contained within the previous website shall from 2 April 2013 be considered to be for historic reference purposes only and BBA, BBA Enterprises Ltd and BBA LIBOR Ltd accept no responsibility for any reliance placed on any such information from such point in time.
  • The rates in this website will NOT be updated after Friday 31st January 2014. If you require daily LIBOR rates after this date you will need to have adopted one of ICE Benchmark Administration’s (ICE BA) new services, these being SFTP or Email, or have arranged to receive the data via a third party re-distributor. The ICE BA team are available to answer any questions you may have in regard to this data distribution changeover - please email them at liborlicensing@nyx.com or view their website at www.theice.com/iba

To the extent permitted by applicable law, BBA, BBA Enterprises Ltd and BBA LIBOR Ltd expressly disclaim all liability howsoever arising whether in contract, tort or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this website; and (ii) the use of any data or materials on this website or unauthorised access to this website or otherwise. Information on this website is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular, information on this website does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an invitation or offer to buy, sell, hold, lend, subscribe for, or otherwise deal in any legal or beneficial interest in any financial instrument.

With effect from 2 April 2013, BBA Libor Limited will be authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Firm No. 598088) as a specified benchmark administrator solely in respect of the LIBOR benchmark rates. In undertaking its benchmark administration activities BBA Libor Limited has continued to engage Reuters Ltd. to calculate the LIBOR benchmark rates. Reuters Ltd. is separately regulated by the FCA. Further information about Reuters Ltd. activities can be found on their website at http://www.thomsonreuters.com. Please note that BBA, BBA Enterprises Ltd and BBA Libor Limited do not regulate Reuters Ltd. nor any of the contributor banks that make LIBOR submissions for the purpose of BBA Libor Ltd and Reuters Ltd. calculating and publishing LIBOR rates.

British Banker’s Association LIBOR Limited (BBALL), as an FCA authorised and regulated LIBOR benchmark administrator (under an interim FCA permission), is required by FCA rules, to identify, manage, and where possible take steps to mitigate material conflicts of interest. The International Organisation of Securities Commissions’ Principles for Benchmarks also provide for identification, management and mitigation of such conflicts.

Due to the fact that BBALL’s parent body, the British Bankers’ Association, receives funding from banks that also submit LIBOR rates to BBALL for the purposes of LIBOR rate setting, BBALL recognises that this funding may give rise to a potential conflict of interest in the context of its regulatory obligations as interim LIBOR benchmark administrator and the associated functions performed by BBALL. In order to ensure that BBALL complies with its regulatory obligations under FCA rules to manage material conflicts of interest, all persons concerned with the operation of the LIBOR benchmark are subject to BBALL policies and procedures that seek to ensure the integrity and reliability of the LIBOR benchmark setting process.  That process and the effectiveness of those policies and procedures are monitored under BBALL’s internal governance arrangements, and overseen by an Interim LIBOR Oversight Committee BBALL considers that these arrangements appropriately mitigate and guard against any material risk to the integrity or reliability of the LIBOR benchmark that might arise from the funding of BBALL for the duration of BBALL’s interim permission as LIBOR benchmark administrator.

The BBA governing body voted in 2012 that it would support any recommendation of the Wheatley Review, to transfer the administration of LIBOR to another body, and has now agreed with ICE BA that a transfer will take place in early 2014.

 

 
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