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

Mammoth swaps focus on upcoming announcements from the Bank of England’s Monetary Policy Committee

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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