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LIBOR transition

Refinitiv Term SONIA

Clients around the world trust us to provide benchmarks such as WMR and CDOR with transparency and integrity. Now you can trust us to do the same with Refinitiv Term SONIA. 

Overview

The Refinitiv Term SONIA prototype is a forward-looking, risk-free reference rate available in one-month, three-month,six-month and twelve-month tenors denominated in sterling and designed to be an alternative to LIBOR.

The Working Group on Sterling Risk-Free Reference Rates recommends that all new issuance of sterling LIBOR-referencing loan products, which expire after the end of 2021, should cease by the end of Q1 2021. And after the year-end 2021, the Financial Conduct Authority, which regulates the LIBOR benchmark administrator, will no longer compel banks to submit to LIBOR, creating a strong possibility of an imminent cessation. That means market participants must rapidly seek alternative rates and in many cases a Term SONIA Reference Rate will be suitable.

Why Refinitiv?

Regarded around the world as a leading provider of financial benchmarks, we are already trusted by thousands of institutions to provide rates such as WMR and CDOR with transparency and integrity. At Refinitiv we have leveraged our many years’ experience administering regulated benchmarks to create the Term SONIA Reference Rate prototype.

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Transition to Refinitiv Term SONIA – the newest addition to our unmatched portfolio of over hundreds of reference rates. Begin prototype testing today.

Transition from LIBOR with confidence to Refinitiv Term SONIA that guarantees:

Accurate

We source quote data from major interdealer and institutional electronic overnight index swap (OIS) markets.

Persistent

We adopt a waterfall methodology, allowing publication of the rate in even the most challenging market conditions.

Replicable

Users can easily replicate the rate by executing trades during the 20-minute collection window centered on 11:00.

Anti-gaming

We conduct pre-publication quality checks, have numerous anti-gaming methodology features and conduct post-publication monitoring and surveillance

Access

Refinitiv Term SONIA prototype is available free of charge here and through the full suite of Refinitiv products, including Eikon®, Elektron and DataScope, using the following RICs:

  • Refinitiv Term SONIA one-month: GBPTRR1M=RFTB
  • Refinitiv Term SONIA three-month: GBPTRR3M=RFTB
  • Refinitiv Term SONIA six-month: GBPTRR6M=RFTB
  • Refinitiv Term SONIA twelve-month: GBPTRR1Y=RFTB

Disclaimer

The “SONIA” mark is used under licence from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England.  “Bank of England” and “SONIA” are registered trade marks of the Bank of England.