Public Consultation Paper on SIBOR Reform and the Future Landscape for SGD Interest Rate Benchmarks

This consultation paper reviews the results of the transitional testing of a new waterfall methodology for the SGD Singapore Interbank Offered Rate (“SIBOR”), and examines the options for the future landscape for SGD interest rate benchmarks. The paper identifies the Singapore Overnight Rate Average (“SORA”) – particularly Compounded SORA – as the most suitable and robust alternative to SIBOR and seeks feedback on several issues relating to the proposed transition to SORA. The public consultation paper and media release can be found here:

ABS, SFEMC, and SC-STS welcome interested parties to provide feedback using the online feedback form found here.  This Consultation closes at 11:59PM Singapore time on 30 September 2020.

Consultation Paper on the Evolution of SIBOR

This consultation paper sets out the proposals to strengthen the SGD Singapore Interbank Offered Rates (“SIBOR”) methodology, and seeks feedback on a range of issues.

Click here for the Consultation Paper

This Consultation has closed.

Click here for the Press Release (4 Dec 2017) on Consultation

Click here for the Press Release (24 July 2018) on ABS-SFEMC Finalises Proposals on the Evolution of SIBOR

Click here for the Response to Feedback Received

Click here for the Press Release (01 July 2019) on ABS Co’s commencement of transitional testing for the enhanced SIBOR

The last day of publication for the 12M SIBOR will be 31 December 2020. This takes into account low market usage and the lack of underlying transactions underpinning this benchmark tenor, as mentioned in the July 2018 “Response to Feedback Received from the Consultation Paper on the Evolution of SIBOR”. For avoidance of doubt, this notice applies only to 12M SIBOR, and not to 1M, 3M and 6M SIBOR.