On 11 October 2016, we blogged that the Bank of England (BoE) had published its second consultation paper on the reform of the Sterling Overnight Index Average (SONIA) interest rate benchmark. The BoE has now published a supplementary consultation paper on the reform of the SONIA interest rate benchmark, including an updated transition timetable. The supplementary consultation revises the BoE’s proposed approach on one specific issue relating to the averaging methodology to be used for SONIA, and seeks further feedback on the new proposal. The deadline for comments on the consultation paper is 16 March 2017.

View Supplementary Bank of England consultation on SONIA reform, 16 February 2017