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ARTICLE · 26 OCTOBER 2020

Sterling Working Group: The Latest Position On RFR Calculators And Beta Term SONIA Reference Rates

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On 16 October, the Working Group on Sterling Risk-Free Reference Rates ("RFRWG") announced the publication of two documents in their ongoing work to inform and ease the path of transition ...

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Sterling RFR Working Group Summary Papers

On 16 October, the Working Group on Sterling Risk-Free Reference Rates ("RFRWG") announced the publication of two documents in their ongoing work to inform and ease the path of transition from IBORs. The papers summarise the current position in relation to two resources: the beta versions of Term SONIA Reference Rates ("TSRRs") and risk-free rate ("RFR") calculators.

Summary of Beta Term SONIA Reference Rates

For some time, the RFRWG has acknowledged that a relatively small number of participants in the cash markets and certain legacy contracts are likely to need a forward-looking term reference rate. This led to their consultation1 in 2018 into a Term SONIA Reference Rate. At present, three benchmark administrators have published free-to-use TSRRs in "beta" form for review and the RFRWG's October "Term SONIA Reference Rate Publication Summary" gives a high-level overview of these TSRRs' key attributes and links to the

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