this end, the monetary authority of singapore ( mas ) established an industry - led steering committee ( or sc - sts [ 2 ] ) to provide strategic direction to develop new products and markets based on sora and oversee the [UNK] transition from sor to sora. 5 since then, we have made significant strides in developing sora markets, even while tackling the challenges and disruptions from the ongoing pandemic. in the derivatives space, new market templates were developed to support the trading of sora derivatives. lch started the central clearing of sora derivatives early last year up to the 5y tenor, while key dealer banks started making markets in sora derivatives. mas also launched a daily sora derivatives auction to facilitate price discovery, and develop sora overnight index swap ( ois ) and sor - sora basis curves with prices quoted by dealers and brokers on key market data platforms. trading volumes in sora derivatives have continued to rise, doubling in the last quarter, albeit from a low base. in the cash market, adoption of sora has broadened significantly. we have seen several sizeable sora - based commercial loans involving early pathfinders such as capitaland, olam, wilmar and sembcorp industries. [ 3 ] our local banks have also launched several business and retail sora property loan product [UNK]. given the strong interest in sora products, and progress made in kickstarting sora market liquidity, sc - sts also announced that usage of sor in new cash products will cease by april 2021. to support this, our key retail banks will lead the way by [UNK] a broad suite of sora products by end - february 2021. other banks active in sgd retail and corporate loans will follow suit by april 2021. another significant development last year, was the industry decision to discontinue sibor by end - 2024 [ 4 ], to reap the expected benefits of enhanced market [UNK] in a sora - centered interest rate benchmark regime. implications of recent ice benchmark administration ( iba ) announcement 6 let me now touch on what many of you in the audience would consider the ‘ elephant in the room ’. in december 2020, the iba – or ice benchmark administration, consulted on libor discontinuation timelines across various currency settings. what caught most of our attention, was the proposed 18 - month extension till 30 june 2023 of the widely referenced usd libor tenors (

ravi menon : seeking decent returns in an era of sub - par growth speech by mr ravi menon, managing director of the monetary authority of singapore, at the sovereign investor institute government funds roundtable, singapore, 6 november 2014. * * * mr scott kalb, executive director, sovereign investor institute distinguished guests, ladies and gentlemen, good morning. the global conjuncture the major economies of the world are at an inflection point. in the us, the era of quantitative easing has come to an end. next year, for the first time in eight years, we are likely to see a hike in the fed funds rate. • the good news is that monetary policy normalisation will occur in the context of a strengthening us economy. • the bad news is that for financial markets conditioned by persistently easy monetary conditions over the last six years, there is considerable uncertainty over the pace and extent of interest rate normalisation. • the federal reserve has done as best as it can in communicating its approach through forward guidance. but there is many a slip between cup and lip that could to lead to disorderly market adjustments. in the eurozone, there is tension between restoring public debt to a sustainable trajectory and supporting a faltering economy. • the ecb has committed to expand the size of its balance sheet by increasing asset purchases, while an active debate rages in brussels on the appropriate balance between reducing fiscal deficits and supporting growth. in japan, the impact of the first arrow of monetary stimulus is at risk of being blunted by the recent consumption tax hike. • the bank of japan has just announced a further expansion in stimulus – an openended asset purchase at a rate of about 15 % of gdp a year until the inflation target of 2 % is met. • meanwhile, the third arrow remains largely in its quiver. in china, the challenge is to strike a delicate balance between implementing the reforms necessary for long - term sustainability while supporting short - term growth and stabilising the property market. • the reform agenda that emerged out of the third plenum offers a credible and comprehensive blueprint for the way forward. • the leadership is keenly aware of what needs to be done and is committed. • but significant execution risks remain. in india, there is a new government in place committed to improving the business environment for investment and building the infrastructure necessary for a strong manufacturing sector. • but india needs to accomplish this while taming inflation and reducing its fiscal deficit, not to mention rec