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.
The Bank of England’s deputy governor for markets and banking has said pace of transition from Libor to Sonia must be accelerated.
CurveGlobal has said it will launch one month SONIA interest rate futures on 29 July this year.
Industry body has produced a roadmap aimed at guiding asset managers through the transition from Libor to Sonia.
CME Group will launch two SONIA interest rate futures contracts on 1 October pending regulatory approval.
CurveGlobal launched three-month Sterling Overnight Index Average (SONIA) futures earlier this year.