BoE confirms SONIA takeover in April 2018
The Bank of England will take over the “end-to-end” administration of the Sterling Over Night Index Average (SONIA) benchmark and implement key reforms on April 23, 2018, the central bank confirmed on Monday.
The BoE already administers the benchmark, but the Wholesale Markets Brokers’ Association, a trade body for interdealer brokers, publishes and calculates the rate. SONIA is a weighted average rate of all unsecured overnight cash transactions brokered by London-based WMBA member companies.Brokers BGC Group, ICAP, Tradition and Tullet ...
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