The new Sonia benchmark could coexist with the reformed Libor rate
The Bank of England plans to publish on
Monday a consultation paper on its detailed plans for the
reform of benchmark rate Sonia, marking the latest step in the
bank’s effort to present Sonia as a viable
alternative to the much-maligned Libor.
The Bank of England took over
administration of the Sterling Overnight Index Average (Sonia)
interest rate benchmark on April 25 this year after closing a
consultation on its proposals in October last year, and it has
committed to expand the scope of the rate.
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