ICE Benchmark Administration to Launch Commodity Traceability Service

Intercontinental Exchange, Inc. announced that ICE Benchmark Administration Limited (IBA) plans to launch the ICE Commodity Traceability (ICoT) service to support the cocoa and coffee industries in meeting the requirements of the European Union’s (EU) incoming regulation relating to deforestation and forest degradation. ICoT is designed to support customers across the cocoa and coffee industries in demonstrating their compliance with regulation being introduced by the EU to minimize the extent to which the consumption of certain commodities in the EU result in deforestation worldwide. IBA anticipates launching ICoT in 2024, in advance of the regulation entering into application on December 30, 2024.