FCA urges dealers to quote Sonia swaps on Clobs
Regulator co-ordinates efforts to stream firm prices as part of ramped-up transition plans
The UK’s Financial Conduct Authority is encouraging dealers to stream firm Sonia swap prices to lit venues as part of plans to create a term version of the new risk-free rate for sterling markets.
Rich Fox, head of markets policy at the FCA, said the regulator has been sounding out dealers over their willingness to quote firm prices on electronic central limit order books (Clobs), and the possible timing for such a move. The venues would provide a data source for any future term rate.
“In the
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