Users Slam ABS Singapore Benchmark Fees
New fees for the SIBOR and SOR benchmarks have attracted criticism from end users.
SIBOR is a daily rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Singapore wholesale money market, while the SOR is the expected forward exchange rate between the US dollar and Singapore dollar.
In June, ABS Benchmarks Administration—a subsidiary of the Association of Banks in Singapore, which was setup in June 2013 to own and administer the SIBOR and SOR benchmarks—announced that it would begin charging new usage fees from Oct. 1 “in line with
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