BoE assumes control of interest rate benchmark
Central bank to oversee and reform Sonia benchmark
The Bank of England (BoE) is taking charge of one of the UK's interest rate benchmarks, in a bid to improve its governance and reliability.
The BoE today (April 13) said it will take "overall responsibility" for the Sterling Overnight Index Average (Sonia), including oversight and governance, from April 25. The Wholesale Markets Brokers' Association (WMBA) will continue its current role in calculating and publishing the index.
Sonia is particularly important to the BoE for gathering information
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