UK enters next phase of Libor transition

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The Bank of England now administers the favoured Sonia benchmark

The Bank of England and Financial Conduct Authority unveiled the next phase of their long-running efforts to replace the tarnished Libor rate on November 29.

The BoE and FCA have tasked the industry-led Working Group on Sterling Risk-Free Rates with delivering a “broad-based transition” to the Sterling Overnight Index Average (Sonia), which is now administered by the BoE and was recommended as the best option by the working group earlier in 2017.

“The working group’s new mandate will be to cat

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