12 / 02 / 2021 " pushing ahead with sor - sora transition in 2021 " - keynote speech by mr leong sing chiong, deputy managing director ( markets … speeches published date : 02 february 2021 " pushing ahead with sor - sora transition in 2021 " - keynote speech by mr leong sing chiong, deputy managing director ( markets & development ), monetary authority of singapore, at asifma virtual event : singapore ibor transition on 2 february 2021 1 good morning everyone. first, let me take this opportunity to wish everyone a happy new year! let me also thank the asia securities industry & financial markets association ( asifma ) and the association of banks in singapore ( abs ) for organising this webinar and inviting me to speak on the important issue of singapore ’ s interest rate benchmark transition. 2 in the next 20 mins or so, i will do a brief recap of the key objectives and milestones that we had set out last year. i will then touch on some recent developments in the us and uk that have a bearing on our transition timelines, and i will finally outline what our priorities are for this year in the transition to singapore overnight rate average ( sora ). recap 3 back in 2019, the financial industry in singapore, represented by the abs and the singapore foreign exchange market committee ( sfemc ) [ 1 ], assessed that given the eventual discontinuation of usd london interbank [UNK] rate ( libor ) and sgd swap [UNK] rate ( sor ), the most sustainable and sensible path was to transition [UNK] sor markets to sora. sora is a robust interest rate benchmark underpinned by transactions in a deep and liquid overnight interbank funding market. such a shi would be aligned to the global direction in other major financial centres, and support continued active participation of global institutions and investors in sgd markets. https : / / www. mas. gov. sg / news / speeches / 2021 / pushing - ahead - with - sor - sora - transition - in - 2021 1 / 7 12 / 02 / 2021 " pushing ahead with sor - sora transition in 2021 " - keynote speech by mr leong sing chiong, deputy managing director ( markets … 4 this transition [UNK] was always going to be a complex task, and a strong public - private partnership was needed to address the wide - ranging implications across multiple industry stakeholders, in order to achieve a smooth transition. to

pushing ahead with sor - sora transition in 2021 " - keynote speech by mr leong sing chiong, deputy managing director ( markets … [ 2 ] the steering committee for sor & sibor transition to sora or sc - sts is an industry - led steering committee tasked with overseeing the transition from sor to sora. the sc - sts is chaired by mr samuel tsien, group ceo of ocbc bank and abs chairman. [ 3 ] see relevant announcements here. [ 4 ] see “ response to feedback on sibor reform and the future landscape for sgd interest rate benchmarks ” here. [ 5 ] us agencies referred here are : federal reserve board of governors, the federal deposit insurance corporation and the [UNK] of the comptroller of the currency. [ 6 ] bilateral business loans and syndicated loans outstanding as of end september 2020. [ 7 ] by end april, all lenders and borrowers to cease issuance of sor - linked loans and securities that mature a er end 2021. to support this, all d - sibs should be ready to [UNK] a full - suite of sora - based products to their customers by end - february 2021, while all non - d - sib banks should be ready to [UNK] new sora - based products by end - april 2021. [ 8 ] see “ response to feedback on sibor reform and the future landscape for sgd interest rate benchmarks ” here. © 2021, government of singapore. https : / / www. mas. gov. sg / news / speeches / 2021 / pushing - ahead - with - sor - sora - transition - in - 2021 7 / 7