BoE to consult on Sonia clearing mandate
The Bank of England is preparing to consult the market on whether financial counterparties should be mandated to centrally clear Sonia swaps with maturities beyond three years – a move that is widely expected to result in longer-dated trades linked to sterling Libor’s successor rate losing their exemption from the derivatives clearing obligation.
A BoE spokesperson confirms that the consultation, which was flagged at the January 26 meeting of the working group on sterling risk-free rates (RFRs
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