Singapore's ABS Benchmarks Administration Co Pte Ltd and the Singapore Foreign Exchange Market Committee are seeking feedback on a proposal to enhance the Singapore Interbank Offered Rate, or SIBOR.
The proposed changes aim to anchor SIBOR to market transactions to the fullest extent possible, according to a Dec. 4 release.
The proposal includes changing the way SIBOR is calculated, discarding the 12-month SIBOR due to a lack of underlying market transaction and expanding the underlying reference market from interbank to include other wholesale funding transactions in line with other jurisdictions.
Recent global benchmark reform initiatives and international standards were taken into account to develop the proposals.
ABS Benchmarks Administration administers the SIBOR and other benchmarks in Singapore. It is owned by The Association of Banks in Singapore. The Singapore Foreign Exchange Market Committee is co-chaired by the industry and the Monetary Authority of Singapore.
