The Monetary Authority of Singapore (MAS) is expanding the mandate of the steering committee that is overseeing the Swap Offer Rate (SOR) transition to Singapore Overnight Rate Average (Sora). MAS yesterday said the expansion of the mandate for this Steering Committee for SOR's Transition to Sora (SC-STS) is to enable it to oversee the interest rate benchmark transition from the Singapore Interbank Offer Rate (Sibor) to Sora. The move follows a joint industry report published yesterday, announcing the discontinuation of the remaining Sibor tenors in phases in the next four years. The six-month Sibor will be discontinued three months after the six-month SOR is discontinued, while the widely used one-and three-month Sibor will be discontinued by the end of 2024. In July this year, the Association of Banks in Singapore, the Singapore Foreign Exchange Market Committee and the SC-STS published recommendations to discontinue Sibor and shift to the use of Sora as the main interest rate benchmark for Singapore dollar (SGD) financial markets. Sibor is a key interest rate benchmark in Singapore that is widely used in retail mortgages and corporate loans. Sora is published by MAS, and is base...