SGD – Singapore Overnight Rate Average (SORA)

What is SORA?

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. This alternative reference rate has gained significant traction in the market, as financial institutions look for solutions to replace the fading benchmark of LIBOR.

How is SORA calculated?

SORA is based on actual transactions in the market, making it more representative of the current market conditions. Lastly, it is administered by the Monetary Authority of Singapore (MAS), which provides a level of assurance to market participants regarding its accuracy and reliability.

Key features of SORA

SORA offers a number of unique features that make it a valuable tool for financial services professionals. These features include:

• SORA is based on a large and robust data set, covering a wide range of overnight transaction activities in the Singapore money market.
• SORA is published daily, providing up-to-date information on the rate
• The publication of SORA is overseen by the Monetary Authority of Singapore, providing a level of trust and assurance to market participants.