Giant £174bn Sonia swaps trading day may be biggest ever

Ben St. Clair
14 Jan 2020

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Swaps trades referencing the Sterling Overnight Index Average (Sonia) soared to at least four year highs last week, according to data from the Depository Trust & Clearing Corporation’s (DTCC) trade repository.

The £174 billion ($226 billion) and £154 billion in notional traded on Thursday (January 9) and Friday (January 10), respectively, made the days both the largest single and largest consecutive trading days for Sonia-referencing swaps since at least the start of 2016, and possibly all-time

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