ICE One Month SONIA Index

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Cash settled future based on the average Sterling Overnight Index Average (SONIA) rate on a one month sterling deposit.[1]

Contract Specs[edit]

One Month SONIA Index Future
Trading Screen Product Name One Month SONIA
Trading Screen Hub Name ICEU
Contract Symbol SOA
Unit of Trading £2,500 * Rate Index
Delivery Date One business day after the Last Trading Day
Delivery Months A maximum of twenty four consecutive delivery months will be available for trading
Quotation 100.00 minus the numerical value of the rate of interest
Minimum Price Fluctuation Front delivery month: 0.0025 (£6.25)

All other delivery months: 0.005 (£12.50)

Last Trading Day The Last business day of the contract month at 18:00 (London time)
Exchange Delivery Settlement Price As soon as reasonably practicable after 09:00 on the business day following the Last Trading Day.

Based on SONIA (Sterling Over Night Index Average) as calculated and published by the Benchmark Administrator or its Calculation Agent each business day. In respect of final settlement, the EDSP Rate will be an interest rate expressed in percent, based on the monthly average SONIA rate for the delivery month. Where the EDSP Rate is not an exact multiple of 0.0001, it will be rounded to the nearest 0.0001 or, where the EDSP Rate is an exact uneven multiple of 0.00005, to the nearest lower 0.0001. EDSP shall be determined as 100 minus the EDSP Rate, determined as described above.

Algorithm Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types Block Trading, Basis Trading, Asset Allocation
Contract Standard Cash settlement based on the Exchange Delivery Settlement Price.
Additional Information The contracts have a standardized basis point value so that, for hedging purposes, a calculation will need to be made in relation to the hedge ratio to take into account any mismatch between the standardized basis point value and the actual basis point value of the position being hedged, determined by the actual number of days in the accrual period.
Disclaimer The “SONIA” mark is used under license from the Bank of England (the benchmark administrator of SONIA), and the use of such mark does not imply or express any approval or endorsement by the Bank of England. “Bank of England” and “SONIA” are registered trademarks of the Bank of England.
MIC Code IFLL
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 2:30 AM - 1:00 PM

02:30 - 13:00

1:03 AM

01:03

LONDON 7:30 AM - 6:00 PM

07:30 - 18:00

6:03 AM

06:03

SINGAPORE 2:30 PM - 1:00 AM

14:30 - 01:00

1:03 PM

13:03

Codes Clearing Admin Name Sonia Master
Physical SOA
Logical SOA
GMI (FC) None
ION A.C.N. None

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