ICE Migrates, Renames ISDAFIX Benchmark

Officials say migration to new market prices-based methodology is a first for benchmarks.

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ICE moved the benchmark from using bank-submitted rates to using tradable quotes from regulated trading venues─including Tradition's Trad-X platform, BGC Partners' BGC Trader, GFI's RatesMatch platform, Icap's i-Swap platform, and Tullett Prebon's SwapDeal platform─on March 31.

The ICE Swap Rate represents the average mod-market swap rate for euros, pounds sterling and US dollars, based on where an order of standard market size could be filled based on the best prices from the above trading venu