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Sonia's next-level problems

The panel

  • Dan Marcus, chief executive, Trad-X
  • Robert de Roeck, head of investment solutions, Aberdeen Standard
  • Gerard Jacob, partner, benchmark practice, Parker Fitzgerald
  • Maurizio Garro, senior lead, Ibor transition programme, Lloyds Banking Group
  • Moderator: Helen Bartholomew, editor-at-large, Risk.net

The UK had a head start in its Libor reform efforts with the sterling overnight index average (Sonia), a mature overnight rate with a robust underlying market.

Sonia’s existence has taken the UK past some of the early challenges facing the euro and US dollar markets, but others await: liquidity continues to be concentrated at the front end of the curve; live, streaming prices do not yet exist, hampering prospects for a term version of the benchmark; and there has been little adoption of Sonia in bond and loan markets.

In this webinar, a panel of experts explores the challenges caused by the transition to Sonia.

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