Bank of England

The Bank of England (BoE) has recently published a consultation paper on reforming the Sterling Overnight Index Average (SONIA) benchmark. It had conducted a similar exercise, albeit exploratory, as a public consultation in Q3-Q4 of 2015 with the objective of monitoring the sterling overnight money market and reforming the SONIA benchmark. The outcome of the previous iteration of the consultation resulted in the BoE issuing a four-step process of reforming the £46 trillion benchmark.