MAS Announces Key Initiatives to Support SORA Adoption
Singapore, 5 August 2020… The Monetary Authority of Singapore (MAS) today announced several initiatives to support the adoption of the Singapore Overnight Rate Average (SORA)
2 First, MAS will issue SORA-based floating rate notes (MAS FRN) on a monthly basis, starting from 21 August 2020. This will broaden MAS’ suite of money market instruments used to manage banking system liquidity. It will also facilitate the adoption of SORA as a floating rate benchmark, provide a pricing reference for SORA cash products
3 Second, MAS will enhance transparency and data availability on SORA. MAS has published the key features and calculation methodology of SORA.
4 Third, MAS has prescribed SORA as a financial benchmark under the Securities and Futures Act (SFA). This will ensure that regulatory and enforcement powers, including criminal and civil actions, can be taken against any market misconduct
5 Finally, MAS has issued a Statement of Compliance with the IOSCO Principles for Financial Benchmarks (IOSCO Principles) for SORA.
6 Ms Jacqueline Loh, Deputy Managing Director, MAS, said, “These initiatives mark an important milestone in supporting broad-based adoption of SORA in SGD financial markets. They complement the recently announced industry proposal to shift to a SORA-centered SGD interest rate market
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