November 2011
Beginner
335 pages
9h 33m
English
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United Kingdom and British Pounds
Interest-rate swaps or better-termed British pound-swap rates are factored based on sterling overnight rates. Sterling overnight rates encompass two aspects, SONIA and British pound six-month LIBOR. Both represent the floating rate side while Overnight Indexed Swaps or OIS are fixed legs. The OIS side are swap rates that are market-driven rates rather than a rate set by a market association.
SONIA-OIS represents the shortest maturities because of its function as an overnight rate. Contracts rarely exceed six-month terms and most banks trade SONIA-OIS due to interest rate speculation or to meet funding needs (Joyce, 2008).
LIBOR swaps settle against six-month British pound LIBOR with maturities ranging from 2 ...
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