LCH.Clearnet and Nasdaq are in dispute with Intercontinental Exchange over its licensing fees for the trading and clearing of Libor-linked derivatives, marking a new front in the battle between the world’s largest exchange groups.

ICE, through its London-based subsidiary ICE Benchmark Administration, took over administration of London Interbank Offered Rate from the British Bankers' Association in February. The BBA licensed the benchmark for free, except for companies wanting to redistribute the rates, but ICE in July began imposing a wider range of usage fees for anyone referencing the benchmark.