Singapore benchmarks get go-ahead from European Union

Companies in the EU can continue trading derivative products linked to Singapore's benchmark rates.

The European Commission’s seal of approval for Singapore financial benchmarks will allow companies in the European Union to continue trading derivative products linked to the city state’s benchmark interest rates, Bloomberg reports.

The administrators of certain interest rates and foreign exchange benchmarks in Singapore are recognized under the European Union framework, according to a statement by the European Commission this week.

Singapore’s interbank offered rate and swap offer rate, known as Sibor and SOR respectively, are used in derivative instruments such as interest rate swaps.

Read the full report here.