--- title: Singapore Sets Up Steering Committee For Rate Transition description: The committee will oversee an industry-wide move to SORA. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-806976154-May-12-2022-08-48-17-46-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/singapore-sets-up-steering-committee-for-rate-transition#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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As the transition involves many industry participants, as well as commercial and retail customers, it is critical to have adequate stakeholder engagement and a well-managed transition.  MAS has thus established an industry-led steering committee, chaired by Mr Samuel Tsien, Group CEO of OCBC Bank and ABS Chairman, to oversee the transition. The committee will be responsible for providing strategic direction on industry proposals to develop new products and markets based on SORA. The SC-STS will also engage with stakeholders to seek feedback and raise awareness on issues related to the transition from SOR to SORA. The committee will comprise senior representatives from key banks in Singapore, relevant industry associations, and MAS. The list of SC-STS members is in Annex A. \[1\] SOR is the Singapore Dollar (SGD) Swap Offer Rate published by the ABS Benchmarks Administration Co Pte Ltd. SORA is the Singapore Overnight Rate Average published by MAS, and reflects the volume-weighted average rate of all SGD overnight cash transactions brokered in Singapore between 9:00 am to 6:15 pm. \[2\] USD LIBOR, which is used in the computation of SOR, would likely be discontinued following the announcement by the UK authorities that the benchmark will not be sustained by regulatory powers after end-2021. Source: MAS [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/singapore-sets-up-steering-committee-for-rate-transition) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/singapore-sets-up-steering-committee-for-rate-transition) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/singapore-sets-up-steering-committee-for-rate-transition) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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