Race to cash in on term Sonia is filled with twists

Pending merger and FCA’s effort to create synthetic Libor rates could sway outcome

The race is on to become the dominant – and perhaps singular – provider of a forward-looking term version of the sterling overnight index average, which will replace Libor in the UK market.

Three vendors are already out of the starting gates. FTSE Russell, Ice Benchmark Administration (IBA) and Refinitiv began publishing prototypes of their term Sonia reference rates in July, using fairly similar methodologies. A fourth contestant, IHS Markit, is expected to enter the field in the coming weeks

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