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A senior bank of England official said the financial market should begin to step up the pace and replace the Libor, which is to be replaced by the revised version of the target interest rate that will be released next week.
Last year, London's banks and other market participants supported the use of the GBP overnight interbank average interest rate (Sonia) as an indicator of interest rates, instead of sterling Libor, for trillions of pounds of swaps and derivatives contracts.
Sonia is based on actual transactions, rather than easily manipulated bank quotes.
Sonia will be determined according to the daily transactions of banks and customers with a daily value of about 50 billion pounds (70 billion 910 million US dollars), which is three times the current Sonia reference volume.
"The market has been looking forward to this for a long time," Sarah John, head of the UK's central bank's sterling market, told Reuters.
"Therefore, Sonia reform is a crucial milestone, because many other necessary tasks can only be officially launched after the reform is completed," John said.

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