Term Sonia rivals don the same clothes

IBA mimics Refinitiv by adding Tradeweb quote data; Refinitiv denies IBA has ‘synthetic Libor’ edge

As the race to deliver a term version of Sonia nears the finish line, some gaps between the three contenders are disappearing. Ice Benchmark Administration (IBA), which currently runs Libor, has beefed up its methodology – adding a dataset that was previously only being used by another of its rivals, Refinitiv.

“Ultimately, we’re all trying to measure the same thing, so it’s no surprise to see multiple firms go after the same set of input data,” says Jacob Rank-Broadley, head of Libor