A term structure for Singapore’s overnight risk-free rate could come as soon as next year, says a member of the industry committee convened by the country’s regulator to oversee the transition away from the market’s prevailing swaps benchmark, the Swap Offer Rate, or SOR.

Swaps linked to the Singapore Overnight Rate Average (Sora), an unsecured overnight rate, are likely to be traded in the near future and once sufficient liquidity has developed it should be possible to establish a term