ICE Benchmark Administration (IBA) was named the administrator of the London Interbank Offered Rate (LIBOR) in February 2014, and introduced a new licensing arrangement that any distribution of LIBOR rates within four hours of initial publication (11:45am London time) is liable for per user fees. As LIBOR rates are a component of the model for the following currencies: USD, GBP, JPY, CHF, and in order that no per user fees apply to users of the model, the publication times for JPY and CHF will be delayed as follows: JPY publication time has moved from 16:00 Tokyo local time to 15:45 London local time (23:45 / 00:45 Tokyo local time), SLA 17:15 London local time. CHF publication time has moved from 16:00 Zurich local time to 16:45 Zurich local time, SLA 18:15 Zurich local time.
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