ABS to charge fees for Sibor and SOR data from Oct 1

SINGAPORE - From October 1, all data on the Singapore Interbank Offered Rate (Sibor) or ABS Swap Offer Rate (SOR) will be subject to a usage fee of US$1,500 (SS2,015) monthly for each, the Association of Banks in Singapore (ABS) announced on Thursday.

In addition, subscribers who receive real-time Sibor or SOR data from a market data vendor will be required to pay end user fees of US$5 a month each.

But data delayed by 24-hours or more will be available for free to end users.

Explaining the new charges, ABS director Mrs Ong-Ang Ai Boon said, "There is increasing work, oversight and investment needed to strengthen the robustness, transparency and efficiency of the Benchmark contribution process in Singapore."

End user fees are per user to view the benchmarks, typically on a computer terminal, while usage fees are based on the subscriber's site location and covers the use of the benchmark in valuation and pricing activities.

Banks on the Sibor-setting panel will be exempt from the new usage and end user fees, ABS said.