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ARTICLE · 20 APRIL 2021

Singapore Reiterates The Need For Active Transition To SORA

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On 31 March 2021 the Singapore Steering Committee for SOR and SIBOR Transition to SORA ("SC-STS") published a report providing guidance on new industry timelines to cease issuance...

SingaporeFinance and Banking
Ian Roebuck
Ian Roebuck
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On 31 March 2021 the Singapore Steering Committee for SOR and SIBOR Transition to SORA ("SC-STS") published a report providing guidance on new industry timelines to cease issuance of SOR derivatives and SIBOR-linked financial products.  On the same day SC-STS and the Association of Banks in Singapore issued a joint press release (the "Press Release") relating to the publication of the SC-STS report.

Both benchmarks–SOR and SIBOR–to date have been used widely as the benchmark rates in Singapore dollar financial instruments. SOR currently is expected to be discontinued in mid-2023, while SIBOR currently is expected to be discontinued by March 2022 (for 6-month SIBOR) and by the end of 2024 (for 1- and 3-month SIBOR). SORA is expected to become the key interest rate benchmark referenced in Singapore dollar financial instruments. SORA is the Singapore Overnight Rate Average published by the Monetary Authority of Singapore and reflects the volume weighted average rate

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