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SONIA Is Too Complex

A Q&A with the creator of the LIBOR replacement.

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As banks prepare to move away from the scandal-tainted London interbank offered rate (LIBOR), few in the city of London will be watching more closely than William Porter. Now head of European credit strategy at Credit Suisse Group AG, Porter was working on J.P. Morgan’s short-term interest rate and strategy team in the mid-1990s as it searched for a way to hedge short-term floating-rate risks against European currencies.

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