Singapore Overnight Rate Average (SORA)
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The Singapore Overnight Rate Average (SORA) is an index rate conceptualized to replace the swap offer rate as calculation of the latter is dependent on LIBOR.
And as LIBOR is being penciled to phased out by 2021, SORA would replace SOR without having a LIBOR variable.
SORA is essentially a volume-weighted average rate of unsecured overnight interbank Singapore dollar transactions in Singapore between between the house of 9:00 am and 6:15 pm.
If the characteristics of SOR is any indication of how SORA would behave, consumers can expect SORA to be volatile and very responsive to events that occur in international financial markets.
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