Banks in Singapore are embracing a new benchmark for derivatives transactions.
The outstanding amount of financial contracts pegged to the Singapore Overnight Rate Average jumped fourfold to US$87.4 billion in July from May, according to data from LCH Ltd.
Policy makers worldwide are ramping up efforts to phase out the use of Libor in the coming months, with some economies moving at a quicker speed than others. An orderly shift to a new benchmark rate may help accelerate the growth of Singapore’s derivatives market, which records about US$116 billion of transactions daily -- about a quarter of Hong Kong’s volumes.
Last month, the US reached a milestone in the Libor transition with a formal endorsement of forward-looking term benchmarks tied to the Secured Overnight Financing Rate. Progress has been relatively slower in Japan, where several rates are still competing to succeed the yen Libor.
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