Introduced in 2011, RONIA is the Repurchase Overnight Index Average ('RONIA'). This index tracks actual market overnight funding rates.

On 1st April 2015, RONIA became a regulated benchmark as governed by the Financial Conduct Authority (FCA).

RONIA is a measure of the rate at which interest is paid on secured sterling overnight wholesale funds in circumstances where the collateral is not subject to any exceptional, special, nor specific demand in the cash market. On each Publication Day, RONIA is measured as the volume weighted average price (“VWAP”), rounded to four decimal places, of interest rates paid on eligible transactions.