BoE's Sonia fixation complicates secured rate transition

Bank's continuation of Sonia could jeopardise shift to secured rate as Libor replacement

Bank of England: plans to continue publishing Sonia are complicating Libor replacement moves

Supplanting Libor with a secured rate as the main reference for derivatives contracts could be complicated by Bank of England (BoE) plans to continue publishing Sonia, the sterling unsecured overnight rate it administers.

As part of international benchmark reforms in the sterling market, a UK working group of sell-side firms is currently deliberating over whether to call for a reformed version of the existing unsecured overnight rate Sonia or a move to a new secured rate to displace Libor. If

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