The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. SORA is accessible at no charge on the MAS website.

SORA is computed based on actual transactions and meets the standards of international best practice as set out in the IOSCO Principles for Financial Benchmarks. The key features and calculation methodology of SORA can be found here.

SORA for a given business day in Singapore is currently published by 9am the next business day on the MAS website and through third party redistributors. The following information is published alongside SORA:

• SORA Index

• 1-month Compounded SORA

• 3-month Compounded SORA

• 6-month Compounded SORA

• Aggregate Volume of SORA Transactions

• Highest Transacted Rate from Reporting Banks for SORA

• Lowest Transacted Rate from Reporting Banks for SORA

• SORA Calculation Method

Benefits of SORA as an interest rate benchmark

• SORA is a robust benchmark underpinned by a deep and liquid overnight interbank funding market.

• SORA has been published by MAS since 1 July 2005. The availability of a long historical time series allowed market participants to perform technical analysis and model trends for risk management, asset-liability pricing, and trading purposes, which supported the broad-based market adoption of SORA-based financial products.

• The market convention for the use of overnight interest rates such as SORA is to reference its compounded average. Compounded SORA rates are observed to be significantly more stable compared to forward-looking term rates (e.g. SOR, SIBOR) which are exposed to idiosyncratic market factors on a single day’s fixing, such as quarter/year-end volatility.

• The use of an overnight interest rate benchmark in SGD financial products is in line with similar developments in key global markets, particularly in derivatives that saw significant synergies with market participants’ trading capabilities in other near risk-free rates financial products (e.g. SONIA, SOFR, SARON, TONA based derivatives). Cash market products (e.g. loans, bonds) that reference compounded SORA also benefited from the availability of SORA-based derivatives, which had become the market standard for SGD derivatives since 2021.