FCA has confirmed all Libor settings will cease immediately on 31 December for major currencies as firms are urged to complete transition plans.
Cumulative contract volume for one month and three-month SONIA at ICE has reached more than £13 trillion notional as it launches SONIA options.
ICE said open interest in its three month SONIA futures grew to record levels recently as it prepares to launch new SONIA options.
The first electronic invoice spread trade on Tradeweb was executed on the platform between Capula Investment Management with JP Morgan acting as the liquidity provider.
ICE has started publishing the beta version of the ICE Swap Rate for swaps referencing SONIA for market participants to test and submit feedback.
The cross-currency basis swap between Bank of America and Lloyds highlights LCH's commitment to supporting the reform of reference rates.
New data from the Investment Association reveals that 70% of asset managers reduced exposure to Libor in 2019.
ICE Benchmark Administration has started publishing beta term SONIA rates for testing, using data from BGC, TP ICAP, and Tradition’s Trad-X central limit order books.
Market participants have been told that despite disruption, the transition away from Libor is still targeted for the end of 2021.
Despite Libor being due to cease at the end of 2021, UK authorities have set out a timeline for the shift to the Sonia benchmark throughout this year.