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ICE's Libor Substitute Benchmark Rate Set For June Debut

Law360, London (April 19, 2018, 5:35 PM BST) -- Intercontinental Exchange Inc. has announced plans to launch a new short-term benchmark interest rate in June based on Sonia, the Bank of England’s rate that is designed to replace Libor after a series of rate-rigging scandals.

The U.S. exchange operator, which owns the New York Stock Exchange, said the three-month futures contract — the main reference benchmark for swaps and futures deals — will be based on the Sterling Overnight Index Average and will make its debut on June 1. The plan is subject to regulatory...
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