ICE Benchmark Administration Launches Inflation Swap Benchmarks for GBP and EUR

Effective Date

June 5, 2026

The launch date for the new inflation swap benchmarks.

Tenors Covered

1 to 30 years

The range of tenors for which the new benchmarks will be published daily.

§ 01 Executive Snapshot

What: ICE Benchmark Administration launched new ICE Swap Rate Inflation Swap benchmarks for GBP and EUR.
Who: ICE Benchmark Administration, Intercontinental Exchange (NYSE: ICE), Clive de Ruig (President of IBA).
Why it matters: This launch meets increasing demand for inflation risk management tools amid changing economic conditions in the U.K. and Eurozone.

The new benchmarks will be effective from June 5, 2026, and will cover GBP and EUR inflation swaps.
They are tied to the U.K. Retail Prices Index (RPI) for GBP and the Eurozone Harmonised Index of Consumer Prices excluding tobacco (HICP ex-tobacco).
The benchmarks will be published daily across tenors ranging from 1 to 30 years, calculated using the ICE Swap Rate Waterfall Methodology.

There is a growing interest in inflation-linked financial instruments, driven by recent economic shifts and inflationary pressures in major economies.
This expansion of the ICE Swap Rate suite aligns with regulatory requirements and enhances market transparency in the inflation swap market.

The introduction of these benchmarks is expected to enhance market liquidity and provide investors with more reliable tools for managing inflation risk.
Long-term, these benchmarks may influence trading behaviors and increase the adoption of inflation-linked products in institutional portfolios.

Regulatory compliance and maintaining benchmark credibility will be essential in the face of evolving financial regulations in both the U.K. and EU.
Competition from existing inflation-linked instruments and other benchmark providers may impact market acceptance.

Key milestones include the effective date of the benchmarks on June 5, 2026, which will be critical in assessing market uptake.
Future developments in central bank policies and inflation rates will serve as indicators of the benchmarks' relevance and utilization in the market.

§ 07

What are the new benchmarks launched by ICE Benchmark Administration?

ICE Benchmark Administration launched new ICE Swap Rate Inflation Swap benchmarks for GBP and EUR.

Why are these inflation swap benchmarks important?

These benchmarks meet increasing demand for inflation risk management tools amid changing economic conditions in the U.K. and Eurozone.

When will the new benchmarks be effective?

The new benchmarks will be effective from June 5, 2026.

Who is involved in the launch of these benchmarks?

The launch involves ICE Benchmark Administration and its President, Clive de Ruig.