NatWest is preparing to pilot a loan using the new Sonia interest rate, it said ...
FILE PHOTO: A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. REUTERS/Phil Noble
The Financial Conduct Authority has ordered banks and markets to stop using the London Interbank Offered Rate as a basis for pricing contracts. The new Sonia, or Sterling Overnight Index Average rate, is compiled by the Bank of England and based on actual transactions. That is seen as harder to manipulate than Libor, which is based on quotes supplied by banks.
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