
IBA launches Sonia Ice swap rate
Test version of key benchmark is latest phase in switch from Libor to sterling risk-free rate

Ice Benchmark Administration has started publishing a new version of the Ice swap rate linked to the sterling overnight index average, or Sonia – a critical step in migrating the non-linear rates markets away from Libor.
The daily measure of term swap rates is used to calculate the exercise value of interest rate options, a $40 trillion market. It is also an input for constant maturity swaps, which underpin the majority of rates structured products.
“We’re trying to make sure participants have
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