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Bank of England says will administer SONIA benchmark from April 25
[LONDON] The Bank of England said on Wednesday it will take over the administration of a key British benchmark for interbank lending, the Sterling Overnight Index Average (SONIA), from April 25.
The central bank had announced in July 2015 that it planned to take overall responsibility for SONIA from the Wholesale Markets Brokers' Association, which will continue to calculate and publish SONIA but on behalf of the BOE.
The BOE will issue a further consultation on its plans to broaden the range of transactions underpinning SONIA in late summer, it said in a statement.