The Swiss National Bank (SNB), in cooperation with SIX Swiss Exchange, has developed CHF reference rates for the financial markets. These reference rates are based on CHF repo interbank market data provided by Eurex Zurich Ltd.
Overnight interest rates are of central significance for the determination of yield curves in the international fixed interest markets. Going forward, the Swiss franc yield curve will be based on the Swiss Average Rate Overnight (SARON®). Since 25 August 2009, SARON has replaced the previously used repo overnight index (SNB) and will play an important role in the financial markets.
The Swiss Reference Rates comprise the Swiss Average Rates (SAR®) and the Swiss Current Rates (SCR®), covering a term spectrum ranging from overnight (ON) to 12 months (12M). The first publication takes place at 8.30 a.m. and the last at the end of the trading day (6 p.m. at the earliest). SIX Swiss Exchange calculates and publishes the reference rates.