SOR liquidity drought complicates SGD benchmark shift

Asia Risk Congress: SMBC exec says exiting SOR trades is becoming harder as Sora liquidity surges


With the Singapore dollar interest rate swap market swiftly adopting the currency’s new risk-free rate as the benchmark for new positions, dealers say unwinding existing positions referencing the outgoing rate is increasingly challenging.

Singapore’s swap offer rate (SOR) was until recently the prevailing reference rate for Singapore dollar-denominated interest rate swaps, but liquidity has drained away to the Singapore overnight offered rate (Sora). That means unwinding positions linked to SOR

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here