This will avoid market fragmentation, facilitate transparency and easier comparison of loan pricing, and promote the development of deep and efficient SGD financial markets, said the report.This comes as the industry is gearing up to transition fully from SOR to SORA, which is the average rate of unsecured overnight interbank SGD transactions brokered in Singapore.SOR – the current benchmark used to price derivatives and business loans here – will be replaced by the SORA, given the end of the scandal-tainted Libor after end-2021, as the SOR uses USD Libor in its computation.To ensure a smooth transition for existing Sibor users, the report proposed for the transition to be done in a phased approach. It will allow users of SGD floating rate products, including retail consumers and SMEs with products that reference SIBOR today, to benefit from a deeper and more efficient market, and greater transparency. Forward-looking term rates are more exposed to market factors on a single day’s fixing, such as quarter or year-end volatility. SORA has been published by MAS since 1 July 2005. The Singapore Overnight Rate Average or SORA is the volume-weighted average rate of borrowing transactions in the unsecured interbank SGD overnight cash market in Singapore between 8.00am and 6.15pm. Over the past 6 months, the SC-STS has made good progress in developing SORA markets. The rates supplied here are for your personal use only. Subscribe to TEMASEK will not proceed with its pre-conditional S$4 billion partial offer for Keppel Corp, which breached a key...[SHANGHAI] China's securities regulator has proposed removing a requirement for bond issuers on the nation's stock...[LONDON] In the dark days of the 2008 credit crunch, Barclays Plc's top brass had a money problem. SOR: Mortgages linked to SOR are not offered, therefore we will stop publishing SOR rates. DBS welcomes and encourages the sharing of content, ideas, and stories on social media sites. The Monetary Authority of Singapore will also enhance transparency and data availability on Sora.In-depth analyses and award-winning multimedia contentGet access to all with our no-contract promotional package at only $0.99/month for the first 3 months* The last day of publication for the 12M SIBOR will be 31 December 2020. Each Contributor Bank shall contribute their rates without reference to rates contributed by other Banks. Currently, 6M SIBOR is relied upon in the methodological fallback of 6M SOR. Under this new methodology, the underlying market for SIBOR was expanded beyond the term unsecured interbank funding market, to include wholesale funding transactions, such as large-sized corporate deposits.Concurrently, SORA was identified in August 2019 as the replacement interest rate benchmark to the SGD Swap Offer Rate (“SOR”), which will be discontinued together with the USD LIBOR benchmark after end-2021 . It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Required fields are marked Concurrently, SORA was identified in August 2019 as the replacement interest rate benchmark to the SGD Swap Offer Rate (“SOR”), which will be discontinued together with the USD LIBOR benchmark after end-2021 . Since its establishment in 1973, ABS has promoted a unifying voice on banking issues. Until we resolve the issues, subscribers need not log in to access ST Digital articles. The industry, led by the SC-STS, is committed to developing SORAbased solutions and products that will meet the needs of all users, and to working with existing SIBOR customers to achieve a smooth transition.”Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore (“MAS”), and SC-STS member, said, “MAS supports the proposal to shift to a SORA-centered approach, which will involve a paced transition away from SIBOR. DBS welcomes and encourages the sharing of content, ideas, and stories on social media sites. * SORA Publication Date is the same date as the SORA … OCBC has also launched Singapore's first home-loan referencing the Sora.Banks in Singapore are expected to pilot more new Sora products in the second half of the year.SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd. Co. Regn. This is an important step forward by the industry that will enhance liquidity and improve the overall functioning of SGD interest rate markets.
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