2. In this Order —“3‑month compounded SORA”, for a business day, means the compounded average of the SORA values for a 3‑month period immediately before and including that business day, computed by the Authority using the prescribed methodology, as published on the next business day —| (a) | on the Authority’s website; or | | (b) | where the Authority’s website is unavailable to the public, in any other form that is readily accessible by the public; |
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| “asset maintenance requirement” means the requirement imposed by the Authority under section 8(1) of the Act on a DI Scheme member, or any class of DI Scheme members, to maintain the prescribed minimum amount of assets in Singapore; |
| “Authority’s website” means the Authority’s Internet website at https://www.mas.gov.sg; |
| “bank holiday” means a day declared by the Authority to be a bank holiday under section 60(1) of the Banking Act 1970; |
| “business day” means any day other than a Saturday, Sunday, public holiday or bank holiday; |
| “prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021 as published on the Authority’s website; |
“Singapore Overnight Rate Average” or “SORA”, for a business day, means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m. of that business day, as published on the next business day, by the Authority —| (a) | on the Authority’s website; or | | (b) | where the Authority’s website is unavailable to the public, in any other form that is readily accessible by the public. |
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