Bank of England SONIA Advisory Group Reviews Market Stability, RTGS Hours, and Data Release Timing
On 25 September 2026, the SONIA Stakeholder Advisory Group convened under the leadership of Caroline Stockmann, with Alexandra Innes in attendance. The overnight market exhibited stability, maintaining daily volumes near £55 billion, while the spread to the Bank rate stood at 1.9 basis points. This year, money-market funds experienced inflows totaling £15 billion. The Bank of England, alongside His Majesty's Treasury, is currently assessing its authority to gather sterling money market data. Feedback from a summer consultation on RTGS and CHAPS settlement will lead to further engagement with the industry in Q1 2027, with participants favoring data releases post-08:00. The Bank’s Market Intelligence team noted unprecedented SONIA futures and options volumes in March and April, anticipating stable sterling cash markets by year-end, with future discussions set to include the DMO T-bills market.
Key facts
- The SONIA Stakeholder Advisory Group met on 25 September 2026 under Chair Caroline Stockmann
- Unsecured overnight volumes averaged around £55 billion daily with spreads near 1.9 basis points to Bank rate
- Money-market funds saw approximately £15 billion in collective inflows since the start of the year
- The Bank of England and His Majesty's Treasury are reviewing statutory sterling money market information-gathering powers
- The Bank intends to return to industry in the first quarter of 2027 on RTGS and CHAPS extended settlement hours
- The Group strongly preferred preserving SONIA's 09:00 publication time
- ICE extended SONIA futures and gilt futures trading hours from 6 July, now opening at 01:00
- SONIA futures and options recorded exceptionally high volumes in March, with swap turnover rising sharply in March and April
Entities
Artists
- Caroline Stockmann
- Alexandra Innes
- Matt Roberts-Sklar
- Ashley Young
- Kirstine McMillan
- Joanna McLafferty
- Joe Smart
- Danny Gorana
- Richard Lewis
- Anna Koch
- Grace Greer
- Manesh Powar
- David Roberts
Institutions
- SONIA Stakeholder Advisory Group
- SONIA Oversight Committee
- Bank of England
- His Majesty's Treasury
- Office for National Statistics
- ICE
- Insight Investments
- Société Générale
- Money Market Committee
- CMORG
- Treasury Select Committee
- DMO
- HM Treasury
Locations
- United Kingdom
- London