SONIA rate

SONIA (Sterling Overnight Index Average) rate is the effective overnight interest paid by banks for unsecured transactions in the British sterling market. SONIA is published each London business day by the Bank of England and measures the cost of overnight, unsecured borrowing. SONIA cannot be used directly as a floating rate for a multi-day interest period.

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SONIA forward curve represents the market’s expectation of future fixings derived from trade data.