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Intercontinental Exchange announced on Monday that its subsidiary, ICE Benchmark Administration Limited (IBA), has been been authorised as a regulated benchmark administrator under the EU’s Benchmarks Regulation. The US-based global network of exchanges and clearing houses stated that IBA was given final authorisation by the UK’s Financial Conduct Authority (FCA).
Founded in 2014, IBA provides benchmark data to investors across different asset classes. In doing so, it enables users to calculate what prices they should be charging for their services.
For example, the company holds a daily auction to determine the price of gold and silver. The auction runs in ... (read more)