Page 57 - 期货和衍生品行业监管动态（2024年3月）

期货和衍生品行业监管动态

注：

1. SORA 由新加坡金融管理局（MAS）发布，是新加坡无担保隔夜同业拆借

新元（SGD）现金市场的交易量加权平均利率。

2. TONA 由日本银行发布，是日元（JPY）无担保隔夜货币市场现货交易的

交易量加权平均利率。

SGX Group to Launch Interest Rate Derivatives in 2H 2024 (2024/3/12)

? Derivatives franchise will expand to include futures linked to Singapore and

Japan’s overnight interest rate benchmarks, to support strong emerging

demand for more risk management tools in an uncertain interest rate

environment.

Singapore Exchange (SGX Group) will introduce short-term interest rate futures

linked to the Singapore Overnight Rate Average (SORA) [1] and Tokyo Overnight

Average Rate (TONA) [2], as global investors increasingly seek more transparent and

cost-effective tools to hedge and trade fluctuations in interest rates.

Three-month SORA and TONA Futures contracts are targeted to be launched in

the second half of this year, subject to regulatory approval. These contracts build upon
SGX Group’s current suite of long-term interest rate futures – 10-year Full-Sized and

Mini Japanese Government Bond (JGB) futures – which have attracted diverse

international market participants.

SGX Group is driving the futurisation of OTC derivatives to enhance greater

capital efficiency, price discovery and liquidity in Singapore’s Singapore Dollar (SGD)

interest rates market. SORA Futures will be a new hedging tool for market

participants to manage their exposure to interest rate risks, amid growing issuance of

SGD cash market products that reference SORA. The contract will augment SGX

Group’s Singapore product shelf including its flagship SGX MSCI Singapore Index

Futures and SGX USD/SGD Full-Sized and Mini FX Futures.

44