Money market interest rates in the Financial Times

The Financial Times publishes a table each day showing many of the money market interest rates - see Table 11.1 for the 12 September 2014 rates. The FT shows a lot more information at http://markets.ft.com/research/Markets/Bonds.

The UK three-month Treasury bill rate of interest is not shown in this table, but it is shown at the bottom of the front page of the FT every day. It was 0.56% (annualised rate) for 12 September 2014.

Most of the rates shown have already been described, but the ‘SDR int rate' needs some explanation. Special Drawing Rights (SDRs) are a composite currency created in 1969 by the IMF to act as an international reserve currency to supplement IMF member countries' official reserves. Weak IMF members can sell SDRs to financially strong members, effectively borrowing money from them via the IMF. The SDR rate of interest is decided weekly and is a weighted

Table 11.1 Market interest rates for 12 September 2014, all annualised rates

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Sep 12	Over night	Change Day	Change Week	Change Month	One month	Three month	Six month	One year
US$ Libor*	0.09060	0.000	0.000	0.001	0.15360	0.23410	0.33090	0.58220
Euro Libor*	-0.05929	-0.042	-0.033	-0.054	0.00071	0.05000	0.14000	0.29929
£ Libor*	0.47500	-	0.003	0.004	0.50438	0.56025	0.69875	1.04744
Swiss Fr Libor*	-0.00600	-0.002	-	-0.009	-0.00400	0.00500	0.05140	0.15500
Yen Libor*	0.04571	-0.001	-0.009	-0.009	0.08357	0.11786	0.17071	0.32071
Canada Libor*	-	-	-	-	-	-	-	-
Euro Euribor	-	-	-	-	0.01	0.08	0.19	0.35
Sterling CDs	-	-	-	-	0.55	0.75	1.10
US$ CDs	-	-	-	-	0.00	0.11	0.17	0.42
Euro CDs	-	-	-	-	-0.10	-0.05	0.06	0.23
US o'night repo	0.08	0.010	-0.060	-0.020
Fed Funds eff	0.09	-	-	_-
US 3m Bills	0.02	-0.005	-0.010	-0.015
SDR int rate	0.05	-	-0.020	-0.030
EONIA	-0.024	-0.036	-0.018	-0.043
EURONIA	-0.0362	0.046	0.002	0.005
RONIA	0.4904	-0.013	0.027	0.036
SONIA	0.4316	0.003	0.002	0.006
LA7 Day Notice	0.35%-0.30% Over night	One	One		Three	Six	One
		Week	month		months	months	year
Interbank £	We are no longer able to provide these figures.

* Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US$, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA & SONIA: WMBA.

LA7 days notice: Tradition (UK).

Source: Data from Financial Times http://markets.ft.com/RESEARCH/markets/DataArchiveFetchReport?Category=BR&Type= MNY&Date=09/12/2014

average of the rate charged on money market securities in the currencies that make up the SDR basket. This currency basket is currently based on four key international currencies: the euro, theJapanese yen, pound sterling and the US dollar. There are 188 members of the IMF and on joining each member is allocated a quota of SDRs according to its relative position in the global economy.

The FT also publishes in the ‘Companies and Markets' section a table showing US, eurozone, UK,Japanese and Swiss official interest rates - see Table 11.2. These are the rates strongly influenced by central bank policy makers, such as the US Federal Reserve trying to manage monetary conditions (more on this in Chapter 16).

Table 11.2 Official interest rates

Sep 12	Rate	Current	Since	Last	Mth ago	Year ago
US	Fed Funds	0.00-0.25	16-12-2008	1.00	0.00-0.25	0.00-0.25
US	Prime	3.25	16-12-2008	4.00	3.25	3.25
US	Discount	0.75	18-02-2010	0.50	0.75	0.75
Euro	Repo	0.05	04-09-2014	0.15	0.25	0.75
UK	Repo	0.50	05-03-2009	1.00	0.50	0.50
Japan	O'night Call	0.00-0.10	05-10-2010	0.10	0.00-0.10	0.00-0.10
Switzerland	Libor target	0.00-0.25	03-08-2011	0.00-0.75	0.00-0.25	0.00-0.25

Source: Thomson Reuters

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Source: Arnold G.. FT Guide to Bond and Money Markets (Financial Times Series. Harlow.: FT Publishing International,2015. — 488 p.. 2015

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