3 Publication and usage
3.1 Daily publication arrangements
The SONIA rate for a given London business day is published at 9am on the following London business day. Alongside the headline rate, the following information will also be provided:
- aggregate volume;
- the rate occurring at the 10th percentile of volume;
- the rate occurring at the 25th percentile of volume;
- the rate occurring at the 75th percentile of volume; and
- the rate occurring at the 90th percentile of volume.
The SONIA Compounded Index for a given London business day is published at 9am on the same London business day.
While the Bank anticipates the majority of users will not require a direct licence from the Bank, in order to recover its costs in producing the benchmark, the Bank has specified certain activities which require users to have a direct licence. Such activities can be considered as those where the licensee provides a service to end‑users. These include:
(a) the redistribution of SONIA data to clients;
(b) the creation of derivative products referencing SONIA listed on futures exchanges;
(c) the use of SONIA in providing clearing services; and
(d) the use of SONIA for the valuation of clients’ portfolio(s) (including discounting).
Authorised redistributors of SONIA data are:
||SONIA Compounded Index
| ICE Group
| SIX Financial Information Ltd.
Firms who access the data on a timely basis via those redistributors and are using the data for their own internal business purposes do not need a direct licence with the Bank. Alternatively should those users wish to, they can receive SONIA on a timely basis under a direct licence from the Bank for a fee.
If you are uncertain as to whether you require a SONIA licence please contact the Bank to discuss this: email@example.com.
SONIA is made freely available via the Bank of England’s Interactive Statistical Database by 10:00 on the working day after it is first published. This includes historical data back to SONIA’s creation in 1997 and historical SONIA Compounded Index data back to 23 April 2018, which is when the methodology used to calculate the benchmark was reformed. Reproduction of these data in the Database are subject to the terms of the UK Open Government Licence, allowing and encouraging free and flexible data reuse.
The ISIN for SONIA can be used to represent SONIA as a variable interest rate in applicable transaction reporting; for example as the reference rate in a floating-rate transaction reported to the Bank of England on Form SMMD.
The ISIN for SONIA is GB00B56Z6W79.
3.4 Calculating compounded SONIA rates from the SONIA Compounded Index
To calculate the compounded SONIA rate for any reference period, the SONIA Compounded Index values for the start and end date of the reference period are combined in the following formula: