LCH clears first SORA swaps

Clearinghouse LCH announced it’s cleared the first Singapore Dollar interest rate swaps referencing the Singapore Overnight Rate Average (SORA) as the industry continues to adopt alternative interest rate benchmarks. Standard Chartered was party to the first cleared derivatives trade referencing SORA.

Kate Birchall, head of Asia Pacific, LCH, said in a statement: “The introduction of clearing derivatives referencing SORA is another important milestone in the global efforts to move to alternative reference rates. Clearing this product has involved close collaboration with a variety of stakeholders in Singapore and the wider market.”

Daniel Koh, global head, Treasury Markets, Standard Chartered and chair of the Steering Committee on Singapore Swap Offer Rate (SOR) transition to SORA (SC-STS) said in a statement: “Clearing this product is a vital step in the transition to broader adoption of SORA across the Singapore market, and we are in turn pleased to be able to offer SORA swaps to our clients for hedging.”

LCH also offers clearing in €STR swaps, SOFR swaps, SONIA Futures and SARON swaps.

Read the full release

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