The move comes after Bank of England governor Mark Carney proposed scrapping Libor last week in favour of a widespread adoption of the Sterling Overnight Index Average
Respondents to the consultation said they broadly supported the plans for the reform of the Sterling Overnight Index Average
(SONIA) benchmark interest rate.
CME Group, the world's leading and most diverse derivatives marketplace, will launch Sterling Overnight Index Average
(SONIA) futures on October 1, 2018, pending regulatory review.
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.