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Following Andrew Bailey’s speech withdrawing the FCA’s support for LIBOR by the end of 2021, financial market participants have been examining the best approach to address this major reform. The Bank of England’s Risk Free Rate Working Group has chosen SONIA as the future sterling market RFR benchmark rate and the Working Group’s current mandate is to ensure a market wide transition to SONIA as the primary sterling interest rate benchmark in bond, loan and derivatives markets by the end of 2021.

The IA is leading the engagement with asset managers to identify the impacts of this significant change on their business and facilitate an effective transition to SONIA with the least amount of disruption.

Watch this high level overview of the present transition environment towards RFRs and the implications for asset managers.

For further information please contact:

Ross Barrett: Senior Policy Adviser, Investment & Capital Markets

Irene Rey: Policy Adviser, Investment & Capital Markets

Visit the Bank of England’s website for an overview on the sterling markets RFR transition process.