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Judgement day looms for dealers in swap shift to Sonia

Regulator pushes Q1 deadline for users to adopt risk-free rate as norm for interdealer trades

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Grief is said to exist in five phases: denial, anger, bargaining, depression and acceptance. Derivatives users are experiencing a similar range of emotions as they switch from Libor to alternative risk-free rates. Now, regulators have added a feeling of urgency after giving banks a deadline to shift interdealer swap activity to the alternative risk-free rate for sterling markets, Sonia.

The move intensifies the pressure on dealers to ditch the mistrusted benchmark and adopt Sonia as the

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