Sonia swaps surge not mirrored by futures

Popularity of short sterling futures takes shine off Sonia’s RFR succession

Short-Sterling-futures

January’s surge in Sonia swaps trading may signal accelerating adoption of the sterling market’s alternative risk-free rate, just as UK regulators make another push to drive the market off Libor.

But the activity also highlighted the market’s continued reliance on a separate Libor product: so-called short sterling futures.

These three-month Intercontinental Exchange contracts pay out based on three-month sterling Libor and show little sign of releasing their hold on the market, as the products

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