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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

BoE Propose Revisions for Interbank Lending Benchmark Rate

February, 16 2017
watermark Economic news

The Bank of England re-evaluated its proposal to revise the lending rate benchmark for interbank exchange to prevent manipulation of reference point for financial contracts. Also, they intend to put on hold the changes between March and April next year, instead for this year.


In particular, they will change the procedure and apply the “trimmed mean” approach for calculating the Sterling Overnight Index Average (SONIA) which is used alternatively for some contracts with the global London Interbank Offered Rate (LIBOR). An estimated total of $450 trillion contracts were affected by the market scandal which BoE takes responsibility.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.