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Swiss Reference Rates

Internationally, overnight interest rates play a significant role in determining the yield curve. Therefore, Repo transactions have become a key pillar of the money markets - even the Swiss National Bank (SNB) uses repo transactions as a means of implementing its monetary policy. This instrument allows market participants to better manage their short-term refinancing needs and therefore represents an important instrument for their daily liquidity management activities. Hence, through the Swiss Reference Rates an additional instrument was created which complements the Swiss franc Libor and TOIS Fixing and, furthermore, is calculated in Switzerland.

The point of departure of Switzerland's yield curve is the SARON®, an overnight reference rate based on data from the Swiss franc repo market, which replaced the former Repo Overnight Index (SNB). The Swiss Reference Rates comprise a total of 32 benchmark rates that cover a term spectrum ranging from overnight (ON) to 12 months (12M) plus two distinct indices for the ON term. The relevant calculations are based on CHF repo transactions concluded in the interbank market as well as on indicative quotes posted on the SIX Repo AG trading platform.

Terms to maturity Swiss Reference Rates
Average Rates Current Rates Average Indices Current Indices Historical values
Overnight ONSARONSCRONSAIONSCION
Tom/Next TNSARTNSCRTN  
Spot/Next SNSARSNSCRSN  
1 Week 1W SAR1WSCR1W  
2 Weeks 2W SAR2WSCR2W  
3 Weeks 3W SAR3WSCR3W  
1 Month 1M SAR1MSCR1M  
2 Months 2M SAR2MSCR2M  
3 Months 3M SAR3MSCR3M  
6 Months 6M SAR6MSCR6M  
9 Months 9M SAR9MSCR9M  
12 Months 12M SAR12MSCR12M  

Index information
Description Download
Rules governing the Swiss Reference Rates
Output Statement Swiss Reference Rates
Swiss Reference Rates factsheet

The regulations on the Swiss Reference Rates were drawn up in collaboration with the SNB. SIX Swiss Exchange Ltd can make modifications to the regulations in consultation with the SNB. Calculation and publication of reference rates is carried out by SIX Swiss Exchange Ltd.


Static data terms to maturity Overnight (ON)
ISIN Symbol Name Description
CH0049613687SARONSwiss Average Rate ON Interest rate
CH0049613901SCRONSwiss Current Rate ON Interest rate
CH0100517157SAIONSwiss Average Index ON Index value
CH0100484986SCIONSwiss Current Index ON Index value

Static data of all SIX Swiss Exchange indices
Description Download
Current list of all indices and rates calculated by SIX Swiss Exchange

Legal notice

® SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION are registered or pending trademarks of the SIX Swiss Exchange. Licensing is subject to a fee.