Sonia and Euronia Indices
SONIA and EURONIA Indices are the inventions of the Wholesale Market Brokers Association (WMBA) in London who are experts in not only all markets sterling but money markets in Great Britain and Europe. The SONIA Index was introduced in 1997 and it represents unsecured sterling cash transactions that occur only in the overnight market in London from midnight to 4:15 a.m., New York time. The WMBA brokers minimum deals of sterling 25 million by WMBA member firms to counter parties—other banks.
The proper name is sterling Overnight Index Average (SONIA). It is a weighted-average index with a weighted average rate at four decimal places. “Rates in the average are weighted by the principal amount of deposits on a particular ...
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