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A panel formed by the Bank of England has officially selected a new benchmark rate for appraising sterling-based contracts, the latest act aimed at rebuilding overnight rates after the Libor manipulation scandal.
The BOE stated that SONIA has garnered a considerable amount of backing to become the new rate in certain financial derivatives. The central bank mentioned this will beef up the overall financial system's resilience.
The BOE implemented the rate in 2016, showing the overnight financing rates of building societies and banks in the market.
The proposal by a group composed of major dealers will be put into public discussion in mid-2017.
