IBA, Refinitiv go live with regulated term Sonia rates

First deals linked to new benchmarks are likely to be in trade finance

Race-for-term-Sonia

The first forward-looking term rates based on the sterling overnight index average are being made available for use in new contracts.

After six months of testing, Ice Benchmark Administration and Refinitiv have finalised their methodologies and are now negotiating licensing agreements with clients. FTSE Russell is also developing a term Sonia rate although it has not specified a launch date.

The UK’s Financial Conduct Authority (FCA) has instructed regulated firms to cease sterling Libor-based

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