Dealers should base quotes for sterling swaps on the SONIA interest rate benchmark rather than LIBOR from Oct. 27 onwards, as part of efforts to move away from using LIBOR, the Bank of England and the FCA said on last week.

“An FCA survey of liquidity providers identified strong support for a change in the interdealer quoting convention that would see SONIA rather than LIBOR become the default price,” the BoE said.

Previous plans to change the benchmark in March had been disrupted by COVID, the BoE said.

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