Swaps benchmark faces overhaul

India is revamping a key funding market, echoing the global shift away from Libor, as banks cede influence over daily borrowing costs.

- Bloomberg

The nation’s financial benchmark administrator and the central bank are phasing in the Secured Overnight Rupee Rate, or SORR, to eventually replace the Mumbai Interbank Outright Rate (Mibor)—long used by institutions to set rates on products from bank deposits and swaps to some consumer loans.