Brexit barriers could impact Sonia, says BoE group

Bank of England BoE adobe stock 230x150
By Costas Mourselas
08 Nov 2018

The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.

The group of representatives from the private sector and the Bank noted the split could happen if “barriers were put in place on transferring funds between entities”, according to minutes for the October 10 meeting that were released on Thursday. 

The committee’s minutes also note that Brexit could also ...

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