LONDON--(BUSINESS WIRE)--Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced that ICE Benchmark Administration (IBA) has appointed Mary John Miller, the former Under Secretary for Domestic Finance at the U.S. Treasury, as a Director of IBA.
Miller will serve as Chairperson of IBA’s Nominating Committee, and joins the following directors on the Board of IBA:
- André Villeneuve, Chairman of ICE Benchmark Administration
- Joanna Perkins, Chairperson for the LIBOR Oversight Committee of ICE Benchmark Administration
- Michel Prada, Chairperson of the Audit and Risk Committee of ICE Benchmark Administration
- David Goone, Chief Strategy Officer of Intercontinental Exchange
- Finbarr Hutcheson, President of ICE Benchmark Administration
“I am delighted to welcome Mary Miller to the IBA Board. She brings with her a wealth of experience and expertise that will support the continued development of IBA and its work to increase confidence in benchmarks. She also brings a valuable U.S perspective to the Board,” said André Villeneuve, Chairman of IBA.
IBA is an independent subsidiary of ICE. It operates a robust oversight and governance framework including an independent board, with a majority of independent non-executive directors.
In July 2013, IBA was appointed as the administrator of LIBOR following a rigorous selection process sponsored by HM Treasury (UK) and Chaired by Baroness Hogg (Hogg Tendering Advisory Committee for LIBOR). IBA began administrating LIBOR in February 2014; and the administration of ISDAFIX began in August 2014. In addition, IBA was announced as the new administrator for the LBMA Gold Price in November 2014 and is expected to commence administration in the first quarter of 2015.
Notes to Editor
Mary John Miller
Until September 2014, Mary John Miller served as the US Department of the Treasury's Under Secretary for Domestic Finance (March 2012 – September 2014) and was responsible for oversight of the government's fiscal operations and for developing and coordinating Treasury’s policies and guidance in the areas of financial institutions, federal debt financing, financial regulation, and capital markets.
Miller had previously served as Assistant Secretary of the Treasury for Financial Markets (February 2010 – March 2012), where she advised the Secretary on broad matters of domestic finance, financial markets, federal, state and local finance, and federal government lending policies. In this role, she was responsible for Treasury’s management of the public debt.
Prior to joining Treasury, Miller spent 26 years working for T. Rowe Price Group, Inc, where she was the director of the Fixed Income Division and a member of the firm’s Management Committee.
She received a BA from Cornell University and an MCRP from the University of North Carolina at Chapel Hill. Miller has also earned her Chartered Financial Analyst designation.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange and ICE Futures.
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About ICE Benchmark Administration Limited
ICE Benchmark Administration Limited (IBA) is a UK company based in London. It was established for the sole purpose of administering benchmarks and is now a wholly-owned subsidiary of the Intercontinental Exchange group (ICE). The Wheatley Review concluded that there should be statutory regulation around LIBOR. Both administering LIBOR and making submissions to LIBOR became regulated activities from April 2013. LIBOR is the first benchmark to be regulated. As the new administrator for LIBOR, IBA became authorised and regulated by the FCA in February 2014. In August 2014, IBA became administrator for ISDAFIX, the leading global benchmark for interest rate swaps.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 14, 2014.
SOURCE: Intercontinental Exchange