It stands for intercontinental exchange rate. By definition, it is the mid-price for interest rate swaps (the fixed leg) and swap spreads (the prevailing mid-price minus a spread, such as a government bond yield for corresponding terms and maturities), denominated in a given currency and for specific tenor and quoted at specific times of the day. It is used as a common reference rate for fixed interest rate swap rates.

This rate is interpolated from tradable quotes provided by exchanges or electronic and multilateral trading venues. The process of calculation involves using the best prices on the trading venues.

The ICE swap rate was initially known as ISDAFIX.