BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to reform the Sterling Overnight Index Average (SONIA) benchmark interest rate. Many noted that the inclusion of deposit transactions negotiated bilaterally as well as those arranged via brokers was a logical step which should significantly increase the volume of transactions in the calculation of the benchmark, thereby enhancing its robustness. BoE has responded to feedback by allowing approximately three further months’ preparation time for reporting institutions to prepare for the start of the new data collection. BoE has also confirmed that the daily publication of the SONIA benchmark will be moved to 09.00 on the business day following that to which the rate refers, as proposed in the consultation. This change will come into effect at the point that BoE commences the publication of reformed SONIA, anticipated to be in Q2 2017. (Source: BoE Responds to SONIA Consultation)