Singapore on track to SORA transition despite market volatility
Covid-19 outbreak likely an impetus for banks to complete its transition
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Singapore
AMID the recent turmoil in the financial markets, Singapore is still looking to build active derivatives trading off a transition benchmark rate - known as the Singapore Overnight Rate Average (SORA) - by the end of this year.
The Republic remains on track to make the shift to SORA from the current Sing dollar Swap Offer Rate (SOR) that underpins the S$3.5 trillion Sing dollar (SGD) derivatives market, according to an update on Thursday by an industry-led committee behind the rates transition.
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