In this section.
Overview. The Sterling Overnight Index Average (SONIA) is a widely used interest rate benchmark and the reference rate for sterling Overnight Indexed Swaps (OIS). Sterling Overnight Index Average, abbreviated SONIA, is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling market. It is used for overnight.
Alternatively, you can email whistle fca. Note that the above is not a comprehensive statement of the law on whistleblowing. If you are in doubt as to your legal position, consider obtaining independent legal advice. Further guidance on whistleblowing is also available from the UK Government.
The main changes were:. We undertook several rounds of consultation on these reforms. These principles reflect international best practice for those who run benchmarks. We judge we are compliant with the principles, as summarised in the below figure, and this conclusion has been externally audited.
To support the transparency of the benchmark determination process, the Bank publishes summary information on errors that did not meet the benchmark republication criteria: Whistleblowing We have established a whistleblowing mechanism to facilitate early awareness of potential misconduct or irregularities relating to SONIA.
An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including: The main changes were: These data are collected using our Sterling Money Market data collection The averaging methodology for calculating SONIA changed to a volume-weighted trimmed mean The SONIA rate for a given London business day is now being published at 9am on the following London business day to allow us time to process the larger volume of transactions it will capture.
Previously it was 6pm on the same day. SONIA minutes, news and publications. This page was last updated 07 November Transition to sterling risk-free rates from Libor Together with the FCA, we are working with market participants to catalyse a transition to using SONIA as the primary interest rate benchmark in sterling markets.
Working Group updates onwards Infrastructure Forum — 31 January We are seeking input from infrastructure and systems providers covering key impacted markets, to better understand any outstanding issues - and potential solutions - for infrastructure to support the development of SONIA and other RFR linked products.
Working Group documents onwards. Working Group documents Initial Selection Criteria for the Risk-free reference rate pdf Design criteria for a sterling secured overnight money market benchmark pdf Interim report of the working group on sterling risk-free reference rates pdf Open letter from the Bank of England to the risk-free rate working group A potential transition of the sterling overnight indexed swap market pdf White paper: This page was last updated 04 January Would you like to give more detail?
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Working Group documents
An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including:. The consultation attracted 45 responses from a wide variety of market participants.