Sonia term rate contenders tested by market mayhem
Regulator-proposed quote approach falters as dealers pull swap prices from screens
A trial period for four rival benchmark administrators to stake their claim as the go-to provider for forward-looking term Sonia rates is proving to be a more arduous assessment than envisaged, as Covid-19 volatility wreaks havoc with underlying markets.
Three of the hopefuls have struggled with a lack of derivatives input data for their versions of the rate; the fourth has produced a rate, but
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