Goodbye Libor, hello Sonia: What it will mean for you
As the Bank of England sounds the long-expected death knell for the London interbank offered rate. CT looks at the implications of the new Sonia benchmark for treasurers.
The Bank of England (BoE) today rolled out the first part of its quest to find an incorruptible successor to the scandal-tainted London interbank offered rate (Libor) benchmark, unveiling a revamped version of the Sterling overnight index average better known as Sonia.
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