NSFR pricing Singapore banks out of swaps market, dealers say

Market share in long-dated trades has halved since metric was imposed at start of year

singapore dollar - padlock - web - Getty.jpg

Singaporean banks claim they are being priced out of Asia-Pacific swap markets as a result of their home state’s decision to introduce a key liquidity rule ahead of competitor jurisdictions.

Authorities in Singapore, Australia and Hong Kong chose to implement the net stable funding ratio, one of two liquidity metrics devised by global standard-setters as part of the Basel III measures, in January 2018. Europe and the US are not expected to finalise their versions of the rule before 2021; Canada

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