Singapore calls time on new SOR swaps from September
Report calls on market participants to end reliance on SOR in coming quarters
Banks have been told to stop offering new derivatives contracts tied to Singapore’s swap offer rate, or SOR, by the third quarter of this year, in a new transition plan unveiled on March 31.
A report published by the Steering Committee for SOR and Sibor Transition to Sora proposed that financial institutions should cease the use of SOR no later than the end of September this year, except for the purpose of risk managing existing positions linked to the outgoing benchmark.
The announcement is
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