ICE Benchmark Administration Launches Inflation Swap Benchmarks for GBP and EUR | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Intercontinental Exchange’s benchmark arm has introduced two new regulated reference rates for the inflation swap market, targeting growing demand for inflation risk management tools across the U.K. and Eurozone.
ICE Benchmark Administration (IBA), a subsidiary of Intercontinental Exchange (NYSE: ICE), has launched two new ICE Swap Rate Inflation Swap benchmarks covering GBP and EUR, effective June 5, 2026.
The new benchmarks are tied to two key inflation indices — the U.K. Retail Prices Index (RPI) for GBP and the Eurozone Harmonised Index of Consumer Prices excluding tobacco (HICP ex-tobacco) for EUR — both based on zero-coupon inflation index swaps. Published daily across tenors spanning 1 to 30 years, the rates are calculated using IBA’s established ICE Swap Rate Waterfall Methodology, drawing on dealer-to-client data supplied by Tradeweb.
The launch expands IBA’s existing ICE Swap Rate suite, which already covers benchmarks referencing EURIBOR, €STR, SONIA and SOFR, among others.
Clive de Ruig, President of IBA, said the move reflects heightened market interest in inflation-linked instruments amid shifting macroeconomic conditions. “Amid evolving inflationary pressures and shifting central bank policies across the U.K. and Eurozone, the demand for inflation risk management tools has grown,” he stated, adding that the new benchmarks are designed to deliver “certainty and predictability in inflation swap settlement.”
ICE Swap Rate holds “critical benchmark” status under the U.K. Benchmarks Regulation and “significant benchmark” designation under the EU Benchmarks Regulation, underscoring the regulatory credibility behind the new offering.
