SONIA

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SONIA

Sterling Overnight Index Average. A major reference rate used in calculating the exchange rate for the British pound. It is calculated as the average interest rate on unsecured overnight transactions on the pound conducted between midnight and 3:15 p.m. by members of the London WMBA.
References in periodicals archive ?
Respondents to the consultation said they broadly supported the plans for the reform of the Sterling Overnight Index Average (SONIA) benchmark interest rate.
Amounts advanced under the facility bear interest, payable monthly, at a daily average rate based on the London Sterling Overnight Index Average, plus a 270 basis point margin (approximately 8 percent currently).
Covered under the extended legislation will be the WM/Reuters 4pm London Fix, which is the dominant global foreign exchange benchmark; Sterling Overnight Index Average (SONIA) and the Repurchase Overnight Index Average (RONIA), which both serve as reference rates for overnight index swaps; ISDAFix, which is the principal global benchmark for swap rates and spreads for interest rate swap transactions; London Gold Fixing and the LMBA Silver Price, which determine the price of gold and silver in the London market; and ICE Brent index, which acts as the crude oil market's principal financial benchmark.