The Standard has been developed with the aim of identifying where there may be robust rationales for the use of Term SONIA for transactions in the loan, bond and derivatives markets and to set out certain expected behaviours of markets participants when using or issuing Term SONIA products in light of the reduced systemic risks associated with overnight risk-free rates. 

The eight Core Principles of the Standard identify selected use cases where there may be robust rationales for using Term SONIA and set out certain expected behaviours of market participants.