OCBC, Standard Chartered complete 30-year SORA OIS trade

The 30-year SORA OIS trade was the first transaction cleared by LCH.

OCBC Bank and Standard Chartered have completed the first longer-tenor overnight indexed swap (OIS) derivatives transaction using the Singapore Overnight Rate Average (SORA) as the interest rate benchmark.

The 30-year SORA OIS trade was also the first such transaction cleared by British clearing house LCH after it extended the central clearing for over-the-counter SORA derivatives from 21-years to 31-years.

This extends the partnership between the two banks on SORA-benchmarked swap transactions. In November 2019, OCBC Bank and Standard Chartered completed Singapore’s first OIS derivatives transaction using SORA as the interest rate benchmark.

In February 2020, the two banks also booked the market’s first SGD SORA and USD SOFR Cross-Currency Swaps.

J.P. Morgan served as the clearing broker for the latest trade.

In January 2022, the outstanding stock of SORA derivatives exceeded the outstanding stock of SOR derivatives for the first time.

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