Refinitiv: Launches Term SONIA Reference Rate
- Refinitiv one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries
- Announced the launch of a prototype Term SONIA (Sterling Overnight Index Average) Reference Rate
- The Refinitiv Term SONIA leverage the firm’s extensive experience in administering benchmarks to create a British Pound Sterling
- The rate will be also available in one-month, three-month and six-month tenors
- The London InterBank Offered Rate (LIBOR) underpins hundreds of trillions of dollars of financial instruments and also contracts
- The Refinitiv Term SONIA can support market participants including lenders and also borrowers with their migration away from GBP LIBOR