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ACAPM Insights - SONIA

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It is no more surprising to the industry participants and to the public in general to acknowledge the need for a coordinated response from international regulators, post the attempted market manipulation of key reference rates. The wave of reforms and regulatory recommendations - point out to just this - restoring public confidence in financial system at large.

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In line with its strategy of reforming key interest rate benchmarks, the Bank of England (BoE) recently announced that it would be taking over as the administrator of Sterling Overnight Index Average (SONIA) from April 25, 2016. SONIA, which reflects the bank and building societies’ overnight funding rates in the sterling unsecured market, was administered by Wholesale Market Brokers’ Association (WMBA) until recently under the supervision of Financial Conduct Authority (FCA).

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For the better half of this decade, one could not help but hear and acknowledge the growing phenomenon of Financial Benchmark Reforms - an aftermath of manipulation and false reporting of global interest rate benchmarks. From the Wheatley Review in 2008 to the latest European Benchmark Regulation, regulators, administrators and market participants are engaging actively to restore investor confidence into the tainted benchmarks. 

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