Sibor and SOR data subject to usage charges from Oct 1

The usage of Singapore Interbank Offered Rate (Sibor) and Swap Offer Rate (SOR) data in valuation and pricing activities will be subject to a monthly fee of US$1,500 (S$2,000) each for subscribers from Oct 1.

In a statement on Thursday (Jun 25), the ABS Benchmarks Administration (ABS Co) – a fully owned subsidiary of the Association of Banks in Singapore – said the decision was taken in line with global developments on benchmark data usage.

It added that subscribers who receive real-time Sibor and SOR data from a market data vendor will also be required to pay end user fees of US$5 each per month.

“There is increasing work, oversight and investment needed to strengthen the robustness, transparency and efficiency of the benchmark contribution process in Singapore. We will continue to ensure that the governance processes of our benchmarks remain robust and acceptable to all market participants,” said Mrs Ong-Ang Ai Boon, director of ABS Co.

However, Sibor and SOR data delayed by 24 hours or more will continue to be available for free.

Sibor and SOR are rates widely used to price mortgages in Singapore. ABS Co said banks who contribute to Singapore dollar Sibor will be exempt from usage and end-user fees. Besides the three local banks, major foreign banks operating here are also on the panel.

Source : Today – 26 Jun 2015

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