(July 31): The European Commission’s seal of approval for Singapore financial benchmarks will allow companies in the European Union to continue trading derivative products linked to the city state’s benchmark interest rates, Singapore’s financial regulator said Wednesday.

The administrators of certain interest rates and foreign exchange benchmarks in Singapore are recognised under the European Union framework, according to a statement by the European Commission this week. Singapore’s interbank offered rate and swap offer rate, known as Sibor and SOR respectively, are used in derivative instruments such as interest rate swaps.

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