Sterling swap traders brace for new Sonia switch deadline

Sonia deadline

UK regulators are preparing to issue a second deadline for the interdealer sterling swaps market to move off its Libor foundation, after coronavirus-related disruption upended the initial timeline.

After initially setting a date of March 2, the Financial Conduct Authority and the Bank of England will now encourage interdealer market participants to price swaps transactions off a curve reflecting the Sterling Overnight Index Average, or Sonia, from late October or early November, market

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