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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Operating framework
Exact inflation at 2% not ‘realistic, nor necessary’ – BdF governor
Villeroy de Galhau says central banks should advocate for structural policies
Thai government and BoT agree to keep inflation target intact
Central bank and government reach price goal consensus despite a year of tensions
PBoC launches new reverse repo operations
Injections via new liquidity tool could help offset maturing central bank loans to banks in fourth quarter
Interpreting the PBoC’s slew of policy reforms
An insight into new stimulus measures, bond market tactics, deflationary pressures and framework changes
Long-term repo set for bigger role in BoE operations
Executive director Victoria Saporta outlines “major change in operating practice”
PBoC to start borrowing government bonds as yields fall
Analysts expect central bank to sell in secondary market to stabilise yields
PBoC overhauls monetary policy framework
Central bank aims for clearer policy rate, bigger role for bond trading and use of “structural” tools
How to cut the interest cost of bank reserves – and how not to do it
William Allen says setting required reserves is not a straightforward decision for the Bank of England