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Singapore Sticks to End-2021 Goal for Libor Shift Despite Delays

  • Committee said any global delay shouldn’t slow local shift
  • Steering committee outlined new steps to expand use of SORA
HSBC Operations in Singapore As Bank Plans To Accelerate Expansion Across Asia
Photographer: Lauryn Ishak/Bloomberg

Singapore signaled that local banks and borrowers should move away from using the discredited London interbank offered rate to price financial products this year, even after global Libor authorities looked to delay its retirement.

A steering committee overseeing the transfer to a new benchmark emphasized on Tuesday that the proposed delay by the administrator of pivotal U.S. dollar Libor benchmarks shouldn’t slow down Singapore’s transition.