LSE-backed Libor replacement faces data wrangle
Proposed secured rate based on data from NEX, which has a competing offering
One of the candidates to become the new sterling risk-free rate could be facing an uncertain future after doubts surfaced around its access to trade data belonging to the sponsors of a rival benchmark offering.
The FTSE-Russell-sponsored Sterling Secured Overnight Executed Transactions (Sonet) rate proposal was unveiled by representatives of London Stock Exchange Group and Euroclear UK and Ireland at the Bank of England's (BoE) Working Group on Sterling Risk-Free Reference Rates last November
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