Bank of England weighs how 24-hour settlement push could reshape SONIA

Minutes of the 25 September SONIA Stakeholder Advisory Group meeting cover the Bank's review of data-collection powers, the potential knock-on effects of extending RTGS and CHAPS settlement hours on SONIA's publication and reporting, and ONS plans to change economic data release times. Relevant for treasury and rates desks tracking benchmark administration.

• Daily volumes in the unsecured overnight market averaged around £55 billion with the spread to Bank rate fluctuating close to 1.9 basis points.
• The Bank and HM Treasury are reviewing statutory powers to collect sterling money market data, including possible collection from group entities.
• The Bank intends to return to industry in the first quarter of 2027 with themes from its consultation on extending RTGS and CHAPS settlement hours.
• The Group indicated a strong preference to preserve the current SONIA publication time of 09:00, noting SMMD reporting is required by 07:00.
• ICE extended trading hours for SONIA futures and gilt futures went live on 6 July, opening at 01:00 and drawing greater participation from Asian, Middle Eastern and US-based clients.

Executive summary

The Bank of England published minutes of the 25 September 2026 meeting of the SONIA Stakeholder Advisory Group, which advises the Bank and the SONIA Oversight Committee on administration of the benchmark. The Group reviewed retrospective market conditions, noting the…

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