ICE BENCHMARK ADMINISTRATION LIMITED
Company Information
- Company Number
- 08457573
- Registered Address
- Milton Gate, 60 Chiswell Street, London, EC1Y 4SA
- Status
- Active
- Employee Count
- 19.0
- Turnover
- 36757000.0
- EBITDA
- 15983000.0
Additional Details
- Website
- https://theice.com
- Company Type
- Private limited Company
- Incorporated On
- 22 March 2013
- Nature of Business
- 66110 - Administration of financial markets
- Industries
- 0
- Region
- London
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 21 | 85% | 7% | 8% | 15% |
| 01 Jan 2023 - 30 Jun 2023 | 24 Jul 2023 | 25 | 78% | 12% | 10% | 22% |
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | 29 | 72% | 19% | 9% | 28% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 36 | 71% | 9% | 20% | 29% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 34 | 72% | 6% | 22% | 28% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 35 | 66% | 9% | 25% | 28% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 42 | 57% | 18% | 25% | 18% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 29 | 71% | 12% | 17% | 18% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 41 | 65% | 14% | 21% | 24% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 26 | 74% | 17% | 9% | 22% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 41 | 59% | 16% | 25% | 33% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 42 | 49% | 32% | 19% | 64% |
Company Summary
ICE BENCHMARK ADMINISTRATION LIMITED (IBA) is a leading provider of financial benchmarking services, with a strong focus on sustainability and responsible business practices
The company was founded in 2014 and is based in London, United Kingdom
IBA's main activities involve administering and calculating financial benchmarks, including the widely used Intercontinental Exchange LIBOR (London Interbank Offered Rate)
These benchmarks are used by financial institutions around the world to determine interest rates for loans, investments, and other financial products
In addition to their benchmarking services, IBA also offers a range of sustainable products and services
This includes the ICE Global CO2e Offset Program, which allows companies to offset their carbon emissions by purchasing carbon credits from certified projects around the world
IBA also offers sustainability data and reporting services, helping companies to track and report on their environmental, social, and governance (ESG) performance
Key people at IBA include Tim Bowler, President; Stuart Williams, Executive Vice President and Head of Benchmark Services; and Simon Collins, Executive Vice President and Chief Operating Officer
IBA is committed to sustainability and has implemented various initiatives to reduce their environmental impact
This includes using renewable energy sources, reducing waste and promoting recycling, and encouraging sustainable practices among their employees
The company's registered office address is 5th Floor, Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom
Their website address is www.theice.com/iba, where interested parties can find more information about their services and contact details
Company Review
Trend Analysis
The average time taken for ICE BENCHMARK ADMINISTRATION LIMITED to pay invoices to suppliers has fluctuated over the past three periods. In the period from Jan 2021 to Jun 2023, there has been a general decrease in the average time to pay, with a significant drop from 42 days in the first period to 21 days in the last period. This suggests that the company has been making efforts to pay invoices to suppliers faster.
Volatility Analysis
The volatility of the % Invoices paid within 30 days has been relatively stable, with a slight increase in the first and last periods. However, there has been a larger fluctuation in the % Invoices paid later than 60 days, with a high of 25% in the second period and a low of 6% in the seventh period. This indicates that the company may have struggled with timely payments in the past, but has improved its payment processes in recent years.
Summary Analysis
In the past three periods, ICE BENCHMARK ADMINISTRATION LIMITED has shown a consistent improvement in its payment processes. The average time to pay has decreased from 42 days to 21 days, with a significant increase in the % Invoices paid within 30 days and a decrease in the % Invoices paid later than 60 days. This suggests that the company has made efforts to pay invoices to suppliers faster, resulting in a decrease in the number of invoices paid late.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
The performance figures include payments made to numerous large professional services providers which, given their nature, require detailed review before approval and payment. Accordingly these payments can contribute to a longer average number of days to pay and a higher percentage of payments due not paid within the stated payment period.
Maximum contractual payment period agreed
30
Dispute Resolution Process
Dispute resolutions are handled on a case by case basis based on individual facts and circumstances. ICE Benchmark Administration Limited seeks to resolve disputes as quickly as possible; we have a dedicated accounts payable team that support suppliers with query resolution. In the event that the accounts payable team is unable to resolve a dispute, they will refer the matter to senior management for resolution.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
