The SNB’s repo transactions

The SNB uses repo transactions to manage the Swiss franc liquidity in the financial system, thereby keeping the secured short-term Swiss franc money market rates close to the SNB policy rate. Find further information on the SNB’s repo transactions here, for example concerning collateral eligible for SNB repos, as well as current circular letters to market participants.

Documents concerning repos and collateral eligible for SNB repos

Collateral eligible for SNB repos

In accordance with art. 9 para. 1 (e) of the National Bank Act, the Swiss National Bank (SNB) may enter into credit transactions with banks and other financial market participants on condition that sufficient collateral is provided for the loans. As a rule, open market transactions are carried out and standing facilities are used by means of repo transactions.

Only securities that fulfil stringent requirements with regard to credit rating and liquidity are accepted as collateral by the SNB. The criteria for the eligibility of securities are detailed in the ‘Instruction sheet on collateral eligible for SNB repos’. Only those securities included in the list of collateral eligible for SNB repos may be pledged as collateral for repo transactions. The SNB decides whether securities will be included in the list of collateral or excluded from it. All securities contained in the list form part of the SNB GC Basket.

Based on their characteristics, the securities in the SNB GC Basket are assigned to additional baskets. The L1 Basket contains Swiss franc and foreign currency securities issued by, as a rule, central banks, public sector entities and multilateral development banks. The L2A Basket contains all other securities from the SNB GC Basket. In addition, Swiss franc securities are pooled in an L1 CHF Basket and an L2A CHF Basket.

The SNB maintains the 'List of collateral eligible for SNB repos (SNB GC Basket)', updating and publishing it on a daily basis. It also publishes a list of all modifications to the basket. This list covers new inclusions, exclusions and redemptions over the last 12 months and is also updated every day. By subscribing to an RSS feed, you will receive a daily update of the latest list of securities eligible for SNB repos.

An online search function (Search list) can be used to check whether a particular security is eligible for SNB repos. A similar function is also available for the modifications (Search modifications), allowing specific searches to be carried out for new inclusions, exclusions and redemptions. Personal search settings can be saved (in Favourites) or exported as a CSV or XML file.

The two list tables accessible below use Microsoft Office Excel 2007 (file format: .xlsx). Users with older Excel versions are requested to download the tables in CSV format (cf. Search list and Search modifications).


If you wish to apply for inclusion of a security in the list or if you have questions relating to the list, to modifications or to the ‘Instruction sheet on collateral eligible for SNB repos’, please contact the Portfolio & Financial Data Administration team, SNB Department III, email repo.administration@snb.ch. The SNB does not comment on inclusion in the list of collateral eligible for SNB repos prior to the payment date.

Search list

The criteria for securities to qualify as high-quality liquid assets (HQLA) are defined in the revised Liquidity Ordinance. Classification according to HQLA criteria of securities eligible as collateral for SNB repos is based on the SNB’s interpretation of these criteria and does not take any institution-related circumstances into account. FINMA is entitled to define further requirements by means of implementing regulations. The SNB accepts no responsibility of any kind in connection with the classification of securities and shall not accept any liability whatsoever.

Search modifications

The criteria for securities to qualify as high-quality liquid assets (HQLA) are defined in the revised Liquidity Ordinance. Classification according to HQLA criteria of securities eligible as collateral for SNB repos is based on the SNB’s interpretation of these criteria and does not take any institution-related circumstances into account. FINMA is entitled to define further requirements by means of implementing regulations. The SNB accepts no responsibility of any kind in connection with the classification of securities and shall not accept any liability whatsoever.

Circular letters to market participants

Discontinuation of repo transactions with a fixed repo rate in liquidity-absorbing repo auctions
Discontinuation of repo transactions with a fixed repo rate in liquidity-absorbing repo auctions Discontinuation of repo transactions with a fixed repo rate in liquidity-absorbing repo auctions
Use of repo transactions indexed to the SNB policy rate
Use of repo transactions indexed to the SNB policy rate Use of repo transactions indexed to the SNB policy rate
Issuance of SNB debt certificates (SNB Bills) and use of liquidity-absorbing repo operations
Issuance of SNB debt certificates (SNB Bills) and use of liquidity-absorbing repo operations Issuance of SNB debt certificates (SNB Bills) and use of liquidity-absorbing repo operations
Collective investment schemes as participants in the repo system
Collective investment schemes as participants in the repo system Collective investment schemes as participants in the repo system
Repo transactions indexed to the SNB policy rate
Repo transactions indexed to the SNB policy rate Repo transactions indexed to the SNB policy rate
Libor-based floating-rate notes to be excluded from list of collateral eligible for SNB repos
Libor-based floating-rate notes to be excluded from list of collateral eligible for SNB repos Libor-based floating-rate notes to be excluded from list of collateral eligible for SNB repos
Adjustment of special rate and selective provision of liquidity to the money market via open market operations
Adjustment of special rate and selective provision of liquidity to the money market via open market operations Adjustment of special rate and selective provision of liquidity to the money market via open market operations
Circular letter: Adjustment of criteria regarding collateral for SNB repos (Brexit)
Circular letter: Adjustment of criteria regarding collateral for SNB repos (Brexit) Circular letter: Adjustment of criteria regarding collateral for SNB repos (Brexit)
Circular letter: Adjustment of criteria regarding collateral for SNB repos
Circular letter: Adjustment of criteria regarding collateral for SNB repos Circular letter: Adjustment of criteria regarding collateral for SNB repos
Circular letter to banks: Insurance companies as new participants in the repo system, Equal treatment with regard to withholding tax
Circular letter to banks: Insurance companies as new participants in the repo system, Equal treatment with regard to withholding tax Circular letter to banks: Insurance companies as new participants in the repo system, Equal treatment with regard to withholding tax
SNB chooses new trading platform for monetary policy operations
SNB chooses new trading platform for monetary policy operations SNB chooses new trading platform for monetary policy operations
Swiss National Bank aligns collateral policy with new liquidity provisions
Swiss National Bank aligns collateral policy with new liquidity provisions Swiss National Bank aligns collateral policy with new liquidity provisions
Swiss National Bank to adjust procedures for standing facilities
Swiss National Bank to adjust procedures for standing facilities Swiss National Bank to adjust procedures for standing facilities

Archive circular letters

Circular letter to banks: SNB as basket owner for all securities eligible for SNB repos
Circular letter to banks: SNB as basket owner for all securities eligible for SNB repos Circular letter to banks: SNB as basket owner for all securities eligible for SNB repos
Circular letter to banks: Range of securities eligible for repo transactions with the SNB to be expanded to include Dutch government bonds
Circular letter to banks: Range of securities eligible for repo transactions with the SNB to be expanded to include Dutch government bonds Circular letter to banks: Range of securities eligible for repo transactions with the SNB to be expanded to include Dutch government bonds
Circular letter to banks: Guidelines of the Swiss National Bank on Monetary Policy Instruments / Introduction of the Liquidity-Shortage Financing Facility
Circular letter to banks: Guidelines of the Swiss National Bank on Monetary Policy Instruments / Introduction of the Liquidity-Shortage Financing Facility Circular letter to banks: Guidelines of the Swiss National Bank on Monetary Policy Instruments / Introduction of the Liquidity-Shortage Financing Facility
Circular letter to banks: Liquidity-Shortage Financing Facility – Replacement of the traditional Lombard loan by special-rate repo transactions with Custody Cover Account «SNB» at SIS
Circular letter to banks: Liquidity-Shortage Financing Facility – Replacement of the traditional Lombard loan by special-rate repo transactions with Custody Cover Account «SNB» at SIS Circular letter to banks: Liquidity-Shortage Financing Facility – Replacement of the traditional Lombard loan by special-rate repo transactions with Custody Cover Account «SNB» at SIS

Questions and answers on repo transactions

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