The National Working Group on Swiss Franc Reference Rates
The National Working Group on Swiss Franc Reference Rates (NWG) was the key forum to foster the transition from the CHF Libor to SARON. With the successful replacement of the CHF Libor, the working group was dissolved. Meetings of the working group were co-chaired by a representative of the private sector and a representative of the SNB. The working group was open to financial market participants and other relevant stakeholders. The NWG published recommendations based on consensus. These recommendations are not legally binding.
The SNB supported national and international efforts to reform reference interest rates. At national level, this included co-chairing the NWG alongside a representative of the private sector. The SNB acted as a moderator. Furthermore, the SNB ran the NWG’s technical secretariat and facilitated the organisation of the meetings. The documents published by the NWG do not necessarily reflect the views of the SNB.