Singapore Exchange (SGX) and Thomson Reuters announced today that the TR/SGX Singapore Fixed Income Indices (TR/SGX SFI) has been selected as the recommended fixed income benchmark by United Overseas Bank (UOB) following the discontinuation of the UOB SGS Index.
TR/SGX SFI offers a comprehensive solution for tracking the performance of investments in the Singapore debt markets. It offers wide coverage of over 60 government, statutory board and corporate bond indices and a time-specific assessment of the fair market value of SGD bonds, which are priced objectively and independently by the Thomson Reuters Evaluated Pricing Service.
This is an important success for the collaboration between SGX and Thomson Reuters.
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Chew Sutat, Head of Equities and Fixed Income at SGX, said: “This is an important success for the collaboration between SGX and Thomson Reuters, and supports the positive global trend of banks such as UOB shifting to independent benchmarking solutions. The TR/SGX SFI help to enhance market transparency for both institutional and retail investors and complement SGX’s efforts to drive liquidity in the secondary bond market.”
TR/SGX SFI uses transparent, rules based methodologies that adhere to the IOSCO principles for financial benchmarks. UOB will become one of the contributors of prices for the indices, along with local market makers. The bank has communicated the recommended transition procedures for the outgoing SGS index to all of its existing users.
Jimmy Koh, Head of Global Economics and Market Research at UOB, added: “There is an increasing awareness of independent and objective benchmarking within the financial community. The TR/SGX SFI will further promote market transparency and neutrality in Singapore’s debt capital market.”