Sonia term rate nears ‘beta’ release, while SOFR struggles

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A forward-looking term version of Sonia will be available shortly in beta form, according to a senior UK regulator, while efforts to create an equivalent rate in the US are being held back by weaker-than-expected volumes in derivatives linked to US dollar Libor’s successor.

“We feel pretty close to the first forward-looking term Sonia rate being published,” said Edwin Schooling Latter, director of markets and wholesale policy at the UK Financial Conduct Authority (FCA).

The beta version of

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