Bank of England publishes a summary of the responses to its white paper on SONIA

The Bank of England (BoE) has published a summary of the responses it has received to its white paper (published in June 2017)  on sterling risk-free reference rates (RFRs).

The white paper set out the working group’s thinking on adoption of the Sterling Overnight Index Average (SONIA) interest rate benchmark as an alternative to the London Interbank Offered Rate (LIBOR). A significant amount of respondents supported reformed SONIA as the RFR, and the BoE commented that it will proceed with considering how best to promote adoption of reformed SONIA as the sterling RFR.