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ICE LIBOREvolutionApril 25, 2018ICE LIBOR Evolution Copyright 2018 ICE Benchmark Administration Limited2Executive summary3A brief introduction to LIBOR4The mandate for reform4IBA s work to strengthen LIBOR6 IBA s developments LIBOR code of conduct LIBOR oversight committee Technology and processesLIBOR today7 Today s LIBOR rates Underlying interest and the current LIBOR submission question Calculation methodology PublicationThe Evolution of LIBOR9 A roadmap for ICE LIBOR Underlying interest and the ICE LIBOR output statement The waterfall methodology Standardised input criteria Exceptional market eventsTesting of the waterfall methodology11Transition to the waterfall methodology11Planning for LIBOR beyond 202112Conclusion13Disclaimer14Appendix 115 ICE LIBOR output statementAppendix 216 Standardised inputsAppendix 318 Weekly and quarterly submission reports today Production standard test period report Weekly and quarterly submission reports upon transitionContentsICE LIBOR

ICE LIBOR Evolution 3 Executive summary In February 2014, ICE Benchmark Administration Limited (“IBA”) became the administrator of LIBOR. Since then, IBA has worked closely with market participants, regulators and other stakeholders

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