|Of relevance to:||Wealth Managers and Private Banks using SONIA benchmark|
|Key date:||23 April 2018|
The date and time of the publication of the SONIA benchmark is changing on Monday 23 April 2018. Friday 20 April 2018 will be the final day for which SONIA will be calculated and published by the Wholesale Market Brokers’ Association (“WMBA”) using the current methodology.
For the rate relating to Monday 23 April, SONIA will be calculated by the Bank of England using the reformed methodology and published at 9am on Tuesday 24 April; no data will be published on Monday 23 April.
Introduced in March 1997, SONIA is the Sterling Overnight Index Average. It is a widely used benchmark, including as the reference rate for the sterling Overnight Indexed Swap market. It reflects banks’ and building societies’ overnight funding rates in the sterling unsecured market.
The Bank of England became the administrator of the SONIA benchmark in April 2016 and has designed its governance arrangements for administering SONIA to be consistent with the IOSCO Principles for Financial Benchmarks.
The WMBA is now known as the European Venues and Intermediaries Association (“EVIA”), which promotes and enhances the value and competitiveness of Wholesale Market Venues, Platforms and Arranging Intermediaries. Members of the EVIA cover global markets and facilitate the overwhelming majority of transaction volumes in the Over-The-Counter markets. EVIA’s sister association, the London Energy Brokers’ Association also provides indices for UK power and European gas, emissions and coal which are used as global pricing benchmarks for the market and for risk management and compliance purposes.