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SONIA (interest rate)

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Title: SONIA (interest rate)  
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Subject: Banking in the United Kingdom, Interest rates, Finance, List of acronyms associated with the Eurozone crisis
Collection: Banking in the United Kingdom, Finance, Interest Rates
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SONIA (interest rate)

SONIA (Sterling Over Night Index Average) is the effective reference overnight rate for unsecured transactions in the Sterling market. Each London business day the SONIA fixing is calculated as the weighted average rate of all unsecured overnight sterling transactions brokered in London by Wholesale Markets Brokers' Association (WMBA) members between 00:00 and 15.15 GMT in a minimum deal size of 25 million GBP with counterparties listed under Section 43 of the UK Financial Services Act 1986.

It was launched in March 1997 by the WMBA, and is endorsed by the British Bankers Association (BBA).

The rate conventions are: annualised rate, act/365, four decimal places.

See also

External links

  • WMBA - Wholesale Markets Brokers' Association
  • BBA Guide to SONIA
  • Historical chart
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